Legal Question in Business Law in California
liability
If I own a business by myself, and I get sued personally (ie: someone slips in my house and they sue me), what happens to my business? Will the court take away my business assets also to cover the fees? Also, what would happen if I share that business with someone?
2 Answers from Attorneys
Re: liability
The court won't do anything, but if the plaintiff sues you and a judgment is granted against you, the plaintiff will try to enforce it. If you need legal counsel to defend you, feel free to contact me.
Re: liability
While your homeowners or renters' insurance will completely cover slips and falls in your home, it is true that many small businesses incorporate or choose other forms of organization that limit the individual liability of the organizers. You might do further research on [forms of business organization] or [incorporating business].
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