QUESTION
Would I need to make this a corporation in order to avoid any legal problems that might arise?
Asked on Oct 20th, 2013 on Criminal Law - North Carolina
More details to this question:
I am interested in getting involved with a company called "Instant Payday Network".
5 ANSWERS
Ronald A. Steinberg
A corporation insulates the principles in the corporation from personal liability. However, most banks and financing institutions will require personal signatures of the officers, etc. in order to loan money. If you do something wrong, then you can be sued personally, however you cannot be sued personally if an employee screws up.
Answered on Oct 22nd, 2013 at 1:46 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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It may or may not help. But if it were me, I would form an LLC. They are easier to manage and give the same protection as a corporation.
Answered on Oct 22nd, 2013 at 3:59 AM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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Incorporating yourself will avoid some potential problems, but not all. Consult a lawyer before signing anything. You will have to pay a consulting fee, but it will be worth it.
Answered on Oct 21st, 2013 at 11:44 PM
Admiralty and Maritime Law Attorney serving Gulf Breeze, FL
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Law Offices of John W. Merting, P.A.
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A corporation will shield you from some legal problems, but certainly not all.
Answered on Oct 21st, 2013 at 11:44 PM
Personal Injury Attorney serving Charlotte, NC
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Paul Whitfield and Associates P.A.
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Incorporation keeps you personally immune from liability. That is the primary purpose of the corporate form.
Answered on Oct 21st, 2013 at 11:41 PM