2007-01-13 10:51:23 · 5 answers · asked by james s 1 in Business & Finance ➔ Corporations
personal? no unless you did something really really stupid. This is what eggpants (attornies) live for. ask one.
Then again you kinda need one anyway if you are incorporated.
2007-01-13 10:55:30 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Generally no.
That's the reason for the incorporation. That's the reason to have business insurance.
Also it's a good idea to get a "million dollar" umbrella policy in addition to your homeowners insurance for extra liability, and a lower cost because the company already has your insurance partially met.
However if you are personally at fault (for example drinking on the job, or drinking & driving during business hours) - no insurance will protect you. You would also be personally liable.
Check out regulations on incorporation on the internet.
GOD bless.
CPA-retired
2007-01-13 19:41:31 · answer #2 · answered by May I help You? 6 · 0⤊ 0⤋
yes, in certain circumdstances you can be sued and be held personally liable. (It is called piercing the corporate veil).
It can happen if the corporation is really a sma for oyur own activites, if the corpoation is under capitalize, if you do something extraordinarily stupid (i.e. dont pay your employees and take your money out of the Corp.), etc.
2007-01-13 19:08:32 · answer #3 · answered by Peaches 4 · 0⤊ 0⤋
Yes, in PA if you are the sole owner and you're a C (or S...one of those)...but yes, there can be a setup where that can happen so look into it...
2007-01-13 18:56:43 · answer #4 · answered by stonerosedesigndotcom 3 · 0⤊ 0⤋
It depends on how your corporation is structured and what state you are in. In general, LLC or PLLC corporations offer a little more protection.
2007-01-13 18:55:38 · answer #5 · answered by C 2 · 0⤊ 1⤋