Great Turn Out Here!!

[Guido]

I was shocked when I checked in here just now to see 15 posts on this page form the last day! :) Usually its just a handfull or less if any. I guess this section is finally catching on, huh?

Glad to see it, lets all keep active guys!
:cool:

[Lanelle]

Yes, its fun to see so many posts on this forum now. And in a move uncharacteristic for me, I'm going to offer a challenge. Put on your thinking caps and keep it clean and calm, ok? (no, that's not supposed to be challenging)
Here's the 'real' challenge:
In responding to the thread about winning a judgement, a member has made a comment about being judgement-proof. Do you think he is or is not, and why.

[1MajorTom]

Quote: In responding to the thread about winning a judgement, a member has made a comment about being judgement-proof. Do you think he is or is not, and why.


It depends upon how his business is set up.

If he is set up as a sole proprietor, then no I do not believe he is judgement proof.

As a corporation, then yes, he may very well be. Who knows, maybe he took advantage of the two corporation strategy.
Remember, Nevada is the best state to incorporate.

[HBFOXJr]

In cases of negligence no one is "judgement proof".

Maybe the courts can't seize assets you don't own but hey can make you pay and you might have to go cash in other stuff not related in order to pay.

It ain't that easy except maybe for bankruptsy.

[Stonehenge]

I like the challenge and I think I know who you're talking about...Was the thread recent? I'd like to have a re-look.

[SprinklerGuy]

Being a sole prop makes him extremely sensitive to judgement whether or not he owns anything. He can claim all he wants that he leases his equip from mom, it doesn'tmatter. They will check to see who is the principle of the business by checking bank accounts, deposit records and who is actually running the day to days of the business and then the will HAMMER HIM.

[1MajorTom]

Stonehenge:

Here's the thread...
http://www.lawnsite.com/showthread.php?threadid=21400

[Stonehenge]

Hmmm. I've never even heard of a limited proprietorship. Maybe it's something new over the last 5 years or so?

As such, I can't speak with any authority. But I know that as a sole prop, they can take your home and everything in it.

[John Allin]

Unless you are insured properly......

[SprinklerGuy]

Insurance doesn't matter, if your guys kill a guy in a traffic accident you can bet your ass that your insurance company will do everything they can to 'LOSE YOUR NAME AND NUMBER'. The only way to truly protect your personal property is to be incorporated....or to not have any.

[lawrence stone]

Let me clarify my term "judgement proof".

A judgment can be entered against any individual or corp.

What I meant is that the one that holds a judgement would be

hard pressed to execute that judgement.

For as the old saying goes:

You can't get blood from a stone®.

Do you notice that I double-space most of the time?

I am my own esquire and can and have filed actions by myself.

[John Allin]

Tony,
We have been through the exact scenario you described. The insurance company does not cut and run. Especially if you are insured properly. And we came through it (financially, not emotionally) just fine. Still with the same insurance company, still in business 11 years later.

[John Allin]

Nope... that's not quite right....

We elected to leave that insurance carrier 4 years after the incident (someone else quoted us substantially lower premiums) and then went back to the same insurance company who covered us through the incident and the aftermath, 3 years after that.