Jodi in Ohio Posted August 7, 2007 Share Posted August 7, 2007 Does anyone have Limited Liability Coverage along with regular insurance coverage? Is it a good idea to have both? I heard that your personal assets can still be attacked with LLC but only after the business assets have been attacked first. In my case, just starting out , I have no business assets.Thanks! Quote Link to comment Share on other sites More sharing options...
debscent Posted August 7, 2007 Share Posted August 7, 2007 An LLC is a limited liability company. And it's not a level of insurance coverage. What it means for my business is: my limited liability company is my business, in the event of a lawsuit, my LLC is who is being sued. If I was a sole proprietor (using my personal ssn for tax purposes) then all your personal assets are fair game in that arena. Being an LLC does not prohibit you from being sued personally. The lawsuit would be Jane Doe v. Candle, LLC and Ms. Candle Lady. I opted for an LLC for the separation of my personal assets & business assets for tax purposes. I do carry product liability insurance also. Quote Link to comment Share on other sites More sharing options...
Jodi in Ohio Posted August 7, 2007 Author Share Posted August 7, 2007 Thanx Deb. I am sorry, I was told that by registering for LLC (oops, I thought it menat LL-coverage ) you could not be sued. It pays to do research. I am planning on getting product liability insurance. Thanks again! Quote Link to comment Share on other sites More sharing options...
debscent Posted August 7, 2007 Share Posted August 7, 2007 No problem. I am fortunate that my other job is working for a tax lawyer, so I received very good advice (for free). Nothing prevents you from being sued, it's a matter of being succesful in the lawsuit. But nonetheless a huge pain in the butt if you are sued. Quote Link to comment Share on other sites More sharing options...
Jodi in Ohio Posted August 7, 2007 Author Share Posted August 7, 2007 No Kidding!*faint* Quote Link to comment Share on other sites More sharing options...
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