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Lauren observed:
[snip]
>
> A sole proprietorship is where the income of the company passes
> through
> the person, so that the company and the person are the same and
> there is
> no asset protection in the event the person or the company get sued
> but
> there is some protection against double taxation.
>
> > Thus the benefits of incorporating;
>
> Incorporation, either as a company or an LLC (depending on state) can
> protect assets, so if the company gets sued, then the personal assets
> are generally not at risk and if the person gets sued, the company
> assets are usually protected.
If the person gets sued, their shares in the corporation are a
seizable asset, are they not?
If the company gets sued... haven't we been seeing plenty
of cases where judges set aside the protection of the
corporate veil because, for a company to have done wrong,
officers of the corporation must have been - to some extent -
wrong-doers.... and even if it was some lower-level drone
who did something horrible (or horribly neglectful), it
would be the corporation and officers who/that would
have the deep pockets, not anybody down in the rank and
file (guilty or not).
And a household where the only two adults are equal
shareholders in a small corporation is not going to be
the kind that puts up an army of lawyers to argue the
fine points.
Maybe your business should be owned by one corporation,
and your house by another.... :-)
Is there a book somewhere that lays out some basic
reasoning for a techwriter (or other knowledge worker)
to weigh and ponder when deciding how to represent
themselves to the world? (the sort of legal entity to choose)
(Yes, I just used a plural pronoun to skirt [ha-ha] the
gender thing.)
(On the old CopyEditors mailing list, we used to say
"stitch" when we did that sort of thing.)
I'm going home now, after a full day of abject failure
at getting the system going that I'm supposed to have
already documented. G'night.
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