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That is probably the safest way to do it.

I personally don't like it either, but that is a very smart way to do it.

If you file a lawsuit, and YOU end up losing, you are totally liable for the outcome. If you get luckly all you got are court fees, but your total fees could be a lot higher if you lose to counterclaims or have to pay the other guys' legal fees. These costs could eat into your personal assets and can bankrupt you! Of course if you win, you get all benefits

Now as a limited liability company or some similar legal entity (LLP, LLLC, Corp...), you are only liable for your investment in the entity. You are nothing but a shareholder or limited liability partner in the legal entity. Your investment can be just the setup and court fee costs. If your company loses, it can go bankrupt due to the fees and get killed off, but it won't take you down with it. And on the other side, if it wins, the shareholders/partners can dissolve the company and split the assets. Of course since you are the only "shareholder," you get all the "assets" of the entity.

I also think there is the advantage in adding more people to the lawsuit. They would just invest in the legal entity and share the profits from the case afterwards. You won't need to file more papers w/ the court or something. Plus, I think if that does happen, your side in the case would become something like a company that represents multiple parties anyway.

But I think there is a path the courts can take to make you personally liable for your coporation. Something about "piercing the corporate veil" (don't recall the exact words). The court looks at how you operate the legal entity and can find you fully liable for it past your investment.

IANAL, blah blah blah. This is just stuff I remember from law class. I could be wrong and if I am, please correct me.

Posted by: doe_z   Posted on: 12/15/04 You are currently: a Guest | Members login | Terms of Use

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