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Michael T.

LLC Advice

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Hey Gene-

 

Do you happen to know or have heard what kind of policy would be appropriate for our type of L/O business.

 

I think this is something worth investigating, and believe me, I am the last person to insure anything.

 

<S>

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Steve:

 

Unfortunately I have not gone that far. I am still working on getting a legal entity set up. I will see what I can find out.

 

Gene

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Friends,

 

This is all a balancing act. One of the things that we all should remember is that we are deling with an expensive commodity...real estate. That's good and bad.

 

Good because there's a lot of upside potential, i.e. money to be made when things go right. :lol: Bad, because there's a lot of potential liability. Why? Because there's a lot of money to be lost if things go wrong (or someone thinks they went wrong).. :(

 

Given this, and the fact that a judgment against you hangs around for a long time, I'd think twice before going it alone with no LLC or corporate entity to protect me.

 

As for MC's contracts...I'm a hugh fan of the Naked Italian, but there's no such thing as a bullet proof contract. :unsure: When the stakes go up, so does the incentive for the other side to spend more money to hire the legal power to find a problem with the contract, the way it was filled out, etc., etc. :o

 

Insurance? Not a bad idea. Again, it's a balancing act. Ask yourself. "Is investing my way of earning my living, or is it my way of supplementing my income?" If you're relying on investing to make a substantial amount of your income, it wouldn't hurt to talk to an insurance agent. It doesn't cost a cent to have a conversation and get a quote. :rolleyes: I'd be interested in if insurance is available, and if so, how much it costs. Let us know what you fine out, Gene.

 

Whew! A bunch to chew on!

 

Mike P. B)

The Legal Eagle

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