rico304
Gold Member
I'm just curious what those of you do who work your tractor for a job. Do you have an LLC and a form of liability ins, or just a liability insurance.
LLC or just an insurance policy?
- Thread starter rico304
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rico304
Gold Member
I'm just curious what those of you do who work your tractor for a job. Do you have an LLC and a form of liability ins, or just a liability insurance.
MadDog
Platinum Member
“I would rather hunt with Dick Cheney than ride with Ted Kennedy.”
why?? /forums/images/graemlins/grin.gif
..long as I am male, and can swim, I think I'd feel safer riding.
..bein' able to swim is no protection against a bullet.....
Seriouisly, I wouldn't reccomend anyone to rely on doing business through an LLC as protection against a claim.
If your equipment is owned by the LLC, then it is at risk of being taken to satisfy a claim in any event. If you own the equipment but do business with people through the LLC, I think a claimant would probably be successful in urging a court to disregard that as an evasion.
In any event, if you were operating the equipment and something happened to give rise to a claim, the claimant would be suing you personally anyway and claiming that you were negligent. An LLC would not insulate you from such a claim.
Bottom line: Were it me, I'd get insurance. /forums/images/graemlins/wink.gif
why?? /forums/images/graemlins/grin.gif
..long as I am male, and can swim, I think I'd feel safer riding.
..bein' able to swim is no protection against a bullet.....
Seriouisly, I wouldn't reccomend anyone to rely on doing business through an LLC as protection against a claim.
If your equipment is owned by the LLC, then it is at risk of being taken to satisfy a claim in any event. If you own the equipment but do business with people through the LLC, I think a claimant would probably be successful in urging a court to disregard that as an evasion.
In any event, if you were operating the equipment and something happened to give rise to a claim, the claimant would be suing you personally anyway and claiming that you were negligent. An LLC would not insulate you from such a claim.
Bottom line: Were it me, I'd get insurance. /forums/images/graemlins/wink.gif
MadDog
Platinum Member
“I would rather hunt with Dick Cheney than ride with Ted Kennedy.”
why?? /forums/images/graemlins/grin.gif
..long as I am male, and can swim, I think I'd feel safer riding.
..bein' able to swim is no protection against a bullet.....
Seriouisly, I wouldn't reccomend anyone to rely on doing business through an LLC as protection against a claim.
If your equipment is owned by the LLC, then it is at risk of being taken to satisfy a claim in any event. If you own the equipment but do business with people through the LLC, I think a claimant would probably be successful in urging a court to disregard that as an evasion.
In any event, if you were operating the equipment and something happened to give rise to a claim, the claimant would be suing you personally anyway and claiming that you were negligent. An LLC would not insulate you from such a claim.
Bottom line: Were it me, I'd get insurance. /forums/images/graemlins/wink.gif
why?? /forums/images/graemlins/grin.gif
..long as I am male, and can swim, I think I'd feel safer riding.
..bein' able to swim is no protection against a bullet.....
Seriouisly, I wouldn't reccomend anyone to rely on doing business through an LLC as protection against a claim.
If your equipment is owned by the LLC, then it is at risk of being taken to satisfy a claim in any event. If you own the equipment but do business with people through the LLC, I think a claimant would probably be successful in urging a court to disregard that as an evasion.
In any event, if you were operating the equipment and something happened to give rise to a claim, the claimant would be suing you personally anyway and claiming that you were negligent. An LLC would not insulate you from such a claim.
Bottom line: Were it me, I'd get insurance. /forums/images/graemlins/wink.gif
Not having the insurance, regarless of LLC or Corporation is a bad idea. Insurance is a must to protect the assests of the LLC or Corp.
It may be a good idea to form an LLC, but without the insurance, I would think you just as well operate as a sole proprietor.
The LLC allows you not to have to form a separate taxed entity, with some protections of a veil, but as MadDog pointed out, there are ways you can still be sued, and without insurance, you could lose a lot.
John
It may be a good idea to form an LLC, but without the insurance, I would think you just as well operate as a sole proprietor.
The LLC allows you not to have to form a separate taxed entity, with some protections of a veil, but as MadDog pointed out, there are ways you can still be sued, and without insurance, you could lose a lot.
John
Not having the insurance, regarless of LLC or Corporation is a bad idea. Insurance is a must to protect the assests of the LLC or Corp.
It may be a good idea to form an LLC, but without the insurance, I would think you just as well operate as a sole proprietor.
The LLC allows you not to have to form a separate taxed entity, with some protections of a veil, but as MadDog pointed out, there are ways you can still be sued, and without insurance, you could lose a lot.
John
It may be a good idea to form an LLC, but without the insurance, I would think you just as well operate as a sole proprietor.
The LLC allows you not to have to form a separate taxed entity, with some protections of a veil, but as MadDog pointed out, there are ways you can still be sued, and without insurance, you could lose a lot.
John
