Legal Question in Business Law in Ohio
My husband has a repair business, he works by himself, but does
have a LLC. Can checks be made out to him, or do they have to
be the corporate name.
If someone sues us, do we have to have business insurance.
Would our homeowner insurance of umbrella personal insurance
be sufficient?
1 Answer from Attorneys
Lots of questions here. I will attempt to answer briefly:
The checks should be made out to the LLC because the role of the LLC is to put up a "wall" between the company and personal assets if he gets sued for his repair work. But since his LLC has one but one person and if you file a Schedule C on your taxes I do not feel that that it will be any great problem. Having said this, it is MUCH better to have separate personal accounts and company accounts thereby protecting your personal assets to show that this is not a sham corporation.
As far as insurance goes, this is outside my expertise. You should read your policies and call your insurance agent for this answer
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