Liability---for how long and for what situations? - Posted by Ted

Posted by Tony-VA on March 24, 2002 at 20:56:25:

I highly recommend you take Insurance advice from Insurance Agents, Tax advice from accountants and Legal advice from Attorneys.

There are many ways you can be exposed to liability that insurance policies do NOT cover. Additionally, your insurance policy does not afford you better tax treatment, nor pension plans etc.

You are operating a business and should consider dealing with the public as a business utilizing legal entities that are designed for this purpose.

My 2 cents.


Liability—for how long and for what situations? - Posted by Ted

Posted by Ted on March 24, 2002 at 19:50:37:

After talking with my insurance agent the other day he seemed to feel that the liability to us as (Lonnie dealers) seller\lenders was fairly minimal.He believed we would be fully covered by a good insurance policy and that there should be no need for incorporating to protect ourselves.
(right or wrong?)

Help make this clear by answering these two questions for me:

  1. In the process of buying and selling mobiles (Lonnie style) what exposure do we have to lawsuits? (has anyone here ever been sued doing a Lonnie deal–if so why?)

  2. How long does our risk exposure last? (right up until we sign the sales agreement or until the last payment is recieved?