Legal Question in Business Law in New York

Re: llc protection

Your personal assets might be protected, but your corporate assets would certiainly be at risk. Also, there are circustances where the LLC protection might not be able to shield your personal assets. Liability insurance is never a bad idea.

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Re: llc protection

I agree with Steve that while, for most situations, the LLC can protect you from personal liability. With the business assets at risk, or to cover situations where you could be sued individually (an example would be you driving a car owned by the LLC) I suggest getting both liability insurance on the business and some excess liability coverage.

Re: llc protection

Generally an LLC is sufficient to protect your personal assets from any incident like the one you described, such as a machine falling on a child or something along those lines.

However, if you're operating a business and have accounts in the name of this business any and all proterty and funds which you may have may be vulnerable... which, sadly, in a lot of onstances means that the bulk of your money may be vulnerable in case of a law suit since the majority of most small business owners income comes directly through the company itself.

There sre several creative ways to further protect yourself, such as insurance, or changing up the corporate/ business structure...

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