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llc question for all llcs

Discussion in 'Business Operations' started by twomancrew, Jul 20, 2013.

  1. twomancrew

    twomancrew LawnSite Senior Member
    Messages: 940

    Have you been in a situation where you absolutely were saved because you incorporated? I ask because I am not. Thanks for sharing in advance. I will probably remain silent for this one.
  2. AI Inc

    AI Inc LawnSite Fanatic
    Messages: 26,980

    No, but have a friend who had just the opposite experience. He is a concrete engineer . Designed a parking garage. Builder changed plans during construction. Few yrs later garage collapsed. His corporation got sued and he got sued personally. As the builder changed plans it all fell on him and cost my friend nothing but was a wake up call for him regarding corp protection.
  3. 205mx

    205mx LawnSite Silver Member
    Messages: 2,392

    LLC isn't incorporated
    Posted via Mobile Device
  4. TPendagast

    TPendagast LawnSite Fanatic
    Messages: 10,657


    ANYONE can get sued.

    I can sue you right now and serve you papers for… let me make something up… disagreeing with me on Lawnsite.
    I can claim you damaged my reputation and caused me financial loss.

    The papers will show up to you served by a sheriff in about 10 days.
    Har har.
    Sounds funny.
    But its; true.
    Being sued, and having a viable claim , are two different things.

    Some people file harassment suits all the time (these are ones even their lawyer knows won't get any traction)
    They sue because your trash can is dirty, the sue because your dog barks, they're awesome neighbors to have!

    So being named in a suit is usually just a simple scare tactic, because many people are intimidated by court.
    they file and name everyone…including the ice-cream truck that was selling strawberry eclairs in the parking lot that day.
    They are fishing, hoping for a settlement offer.
    More suits are settled out of court via a settlement, than in court.

    In regards to an LLC.

    The reason WHY your friend was personally named in the lawsuit is because the protection an LLC gives you…sucks.
    Don't even think of it like corporate protection, it's not.

    The patriot act weakened it's usefulness incredibly because organized crime used LLCs to launder money and mask their activities as legitimate business because there is a lot less information necessary than compared to an S or C corp; and how money can be distributed to members is much looser.

    Post patriot act? LLC doesn't mean much.

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