Race Teams*** LLC or what???
11-17-2003, 10:51 PM
#11
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Location: New Smyrna Beach, Florida
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You need to be cautious not to commingle funds or pay personal expenses out of the LLC or you could give an opportunity to "pierce the corporate veil" in a suit. Also, consider doing a subchapter s corp just in case you actually show a profit. The federal courts have been pretty hard on pleasure/competition business ventures. My neighbor ran an offshore fishing boats in tournaments all over the atlantic for about 5 years... Got audited....went to trial on findings.....now he owes $350,000. Be sure to consult with a tax professional or lawyer.
11-18-2003, 07:16 AM
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Originally posted by Peconic
Well, incorporating puts a layer of protection between you and the other guy's lawyers. But the layer is not impenetrable. They can always sue the operator for negligence. Neveretheless, $200 (a LLC is cheap to start and cheap to run, least amount of paperwork) are definitely worth it.
Well, incorporating puts a layer of protection between you and the other guy's lawyers. But the layer is not impenetrable. They can always sue the operator for negligence. Neveretheless, $200 (a LLC is cheap to start and cheap to run, least amount of paperwork) are definitely worth it.
Hey Marty, we need to take our buddy James for a little boat ride! I'll bring the bag of cement.
11-18-2003, 07:57 AM
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Originally posted by VinMan
Only $200?? Hey Marty, we need to take our buddy James for a little boat ride! I'll bring the bag of cement.
Only $200??
Hey Marty, we need to take our buddy James for a little boat ride! I'll bring the bag of cement.
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