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| General Business Discussions This is a general purpose forum open to business related topics concerning Reptiles and Amphibians that are neither appropriate for the Board of Inquiry, nor sales, purchase, or trade solicitations. |
04-06-2006, 10:01 PM
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#1
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I'm thinking..............
of making my business and an Inc. I talked with the Nevada State Corporation for quite some time this evening, and it sounds pretty good. Basically you start a whole credit file that is attached to your business and not you. So a lot of our personal assests are protected.
Anybody else know anything about doing this?
I'm going to call my attorney in the morning to see what the acutal loopholes are.
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04-06-2006, 11:30 PM
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#2
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Well, it depends. Many people go to LLC (Limited Liability Corporation) instead for basically the same reason. But protection of your personal assets is not guaranteed. For instance if YOU are your total company, and all actions are initiated by yourself, then it may be difficult to claim that you personally are not liable for what your corporation actually does. The legal jargon for this is called "Piercing the corporate veil".
Interesting reading:
http://www.expertlaw.com/library/bus...rate_veil.html
http://www.rjmintz.com/piercing-the-corporate-veil.html
http://www.firstam.com/faf/html/cust/jm-piercing.html
At best, it can likely be considered as another layer of legal blood draining in the series of motions made and rebutted in a legal dispute.
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