[Biorin]

Originally Posted by Maestro

Generally speaking this is true, however, there have been a number of court cases to piercing the LLC corporate veil and they using the connection between members and LLC assets as way in. Thinking you are 100% protect is not true anymore. This advise came from a lawyer who I know who is familar with this stuff and gives good advise.

http://www.nolo.com/legal-encycloped...eil-33006.html

http://www.forbes.com/sites#/sites/j...n-greenhunter/

There are other cases like this, most found in favor of the LLC, but cracks are happening and those who do not do the right things run the risk of loosing what the LLC was design to protect against. Every case makes it easier for the next and most People running their own business usually do not separate personnal from business all that well.

I don't disagree!

[Mr Tonka]

My head still hurts from a 3 hour meeting with my insurance agent yesterday..... Sooo many words in the policy that actually carry weight. He showed me dec pages from a shitty carrier that looked like you are well covered, but then showed me the following 80 pages of explanation that explained they didn't cover jack shit unless this or that or unless the moon was 82.671258% showing at 8:29pm GMT on Dec 21st 2016. Completely crazy to think that crap is legal.

[ASBSECU E93]

Originally Posted by kprocivic

Lending and taxes, I'm not sure what else your referring to. For most people sole prop does exactly what people need it to do. Keep income seperate.

Actually - Sole Prop allows for a simplistic flow of income to the business Can be either on the business name or to the owner personally.

This does nothing to shield risk from folks looking to sue.

Shielding assets - even with a single member LLC - is far better than being exposed to this risk.

[ASBSECU E93]

Originally Posted by RickFLM4

As others have stated, any small business insurance broker can help with liability insurance. Shouldn't be that expensive.

With respect to LLC vs sole proprietor debate, setting up an LLC that is disregarded for tax purposes is very easy to do yourself and doesn't change use of Schedule C for taxes, while providing legal liability protection. Even in a low risk business, no reason not to take this simple step.

Schedule C and/or Schedule E.

[ASBSECU E93]

kprocivic - you're a BB? what area? And is this a national, regional or community FI

[kprocivic]

Originally Posted by ASBSECU E93

kprocivic - you're a BB? what area? And is this a national, regional or community FI

Im in ca and work for Chase.

[Maestro]

Originally Posted by Mr Tonka

My head still hurts from a 3 hour meeting with my insurance agent yesterday..... Sooo many words in the policy that actually carry weight. He showed me dec pages from a shitty carrier that looked like you are well covered, but then showed me the following 80 pages of explanation that explained they didn't cover jack shit unless this or that or unless the moon was 82.671258% showing at 8:29pm GMT on Dec 21st 2016. Completely crazy to think that crap is legal.

Think about what Medical insurance is like today, you have no idea whether your covered of not and how much it will cost you in the end.

The funny thing about all the insurance stuff. I had a few antque cars and had special antique insurance and it was the easies policy to understand I ever read. It basically said the car was protected against anything and if someone hit it, the car would be returned to the condition prior to the accident, none of this it is not worth fixing. The only except was if it was damage due to nuclear war.

[Mr Tonka]

Originally Posted by Maestro

Think about what Medical insurance is like today, you have no idea whether your covered of not and how much it will cost you in the end.

The funny thing about all the insurance stuff. I had a few antque cars and had special antique insurance and it was the easies policy to understand I ever read. It basically said the car was protected against anything and if someone hit it, the car would be returned to the condition prior to the accident, none of this it is not worth fixing. The only except was if it was damage due to nuclear war.

yep, negotiated replacement value classic car ins is the easiest out there. and it's cheap! About $1200/ year to insure this for $125k replacement value. Cut and dry. lol