QUESTION
I am considering forming a sole member LLC. Will this protect my assets if I repair something and someone is injured?
Asked on Jul 30th, 2012 on Business Law - Indiana
More details to this question:
I know that an LLC will protect my assets against creditors in such things as bankruptcy. I am more concerned about a lawsuit for personal injury as I repair and assemble fitness equipment. As I do not have employeees and will be a sole membership LLC will the LLC protect for personal injury claims?
I will be operating in both Indiana and Illinois. It is minimal cost in Indiana, but Illinois costs $500 initially and $250 annually.
1 ANSWER
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The LLC will protect personal assets not invested in the company. The best protection would be to couple the LLC with proper liability insurance and then to consider an "umbrella" insurance policy as an economic method of raising the insurance coverage amount.
Answered on Jul 31st, 2012 at 11:32 AM