Personal Liability - Posted by LEX

Posted by William Bronchick on March 29, 2002 at 08:59:32:

If you have no assets, then it is not an issue. The question is, “do you plan to have assets over the next 20 years?” If so, then realize that a court judgment against you is valid for 20 years.

Personal Liability - Posted by LEX

Posted by LEX on March 26, 2002 at 21:39:34:

Mr. Bronchick,

I don’t understand how a corporation, or LLC, being the General Partner/Manager is better than oneself functioning as that partner if that “oneself” has no assets to loose in a law suit.

If the partnership is sued and the General Partner/Manager (corporation, or “oneself”) is sued and/or is held liable, than that entity could technically loose all assets in the suit.

I understand how other assets are protected from the partnership assets in the suit but I still don’t understand the personal liability protection afforded by the corporation acting as the General Partner, as opposed to “oneself,” if the Corporation is sued.