Legal Question in Business Law in Oklahoma

Re: Insurance

Unless incorporated and in good standing with the Tax Commission your personal assets are subject to being seized for payment of debts including judgments as a general rule. For the best protection each business should be separtely incorporated and operated independent of the other. Dont intermingle the revenues, keep accurate records and annual minutes of meetings. When and if the propane business is properly incorporated and operated, a personal judgement against you or another corporation of yours cannot go against the assets of the propane business corporation.

Re: Insurance

Like so many things in the law, "it depends." If a person could construe the businessess to be one and the same, then yes liability could extend to your propoane business. The smart thing to do is to set up a separate LLC for the tables and be explicit that the businesses are distinct entitities. LLC's are cheap and easy to set up and provide excellent protection. Good luck.

Chad