Buying the boat in an LLC
02-18-2020, 09:53 AM
#11
VIP Member
VIP Member
Here is something to think about when forming a Single Member Limited Liability Company (SMLLC):
"The so-called veil that protects an SMLLC owner from the SMLLC’s liability can be pierced (set aside) if a court decides that the SMLLC isn’t truly a separate entity from its owner. Moreover, some evidence suggests that this is more likely with an SMLLC than with a multi-member LLC." Nolo - Piercing the Veil
Ask an attorney who is licensed to practice in the state you reside where the LLC will be formed or call a Personal Injury Attorney and he or she will give you an answer in regards to an accident claim with injury and your personal exposure (I know the answer); I suggest that you properly insure your boat properly for accident and personal injury claims that arise is the proper course of action.
The answer to you question was provided in post #2 by Interceptor, "You'll probably find out the LLC will not protect you from liability based on injury."
"The so-called veil that protects an SMLLC owner from the SMLLC’s liability can be pierced (set aside) if a court decides that the SMLLC isn’t truly a separate entity from its owner. Moreover, some evidence suggests that this is more likely with an SMLLC than with a multi-member LLC." Nolo - Piercing the Veil
Ask an attorney who is licensed to practice in the state you reside where the LLC will be formed or call a Personal Injury Attorney and he or she will give you an answer in regards to an accident claim with injury and your personal exposure (I know the answer); I suggest that you properly insure your boat properly for accident and personal injury claims that arise is the proper course of action.
The answer to you question was provided in post #2 by Interceptor, "You'll probably find out the LLC will not protect you from liability based on injury."
