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| Topic: Osama Bin Laden WON | |
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Edited by
Jeanniebean
on
Fri 05/13/11 09:23 PM
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If a small business owner files for a pending corporation, and if he keeps separate books for himself and his business, and if he pays taxes on both his take home salary and the profits of the business and someone sues him, and wins, they can probably still take his business and his personal property if he has not legally completed the incorporation of the business as a separate entity and can't pay the damages.
They could also go after his wife's income depending on the circumstances. |
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In order to protect your personal income from lawsuits that are filed against your business you must legally incorporate and separate from that business. Otherwise a lawsuit against your company can attach your personal property and income because they are legally the same thing. Yes, but even doing so doesn't guarantee they can't come after you personally. I worked for a CPA. While she was working as an Auditor, a company asked her to sign a disclosure form. The form indicated that she may be an officer of the company. The company didn't pay their payroll taxes and the owners split. The IRS could not locate them, but could locate my boss. 10 years after this happened she was still getting calls from the IRS saying she owed these taxes despite the fact that the business was its own legal entity. The IRS is nothing but a collection agency. They will come after anyone they think they can scare into paying. She was not libel for that just because they were trying to intimidate her. Yes, I know and she knows. But that didn't stop the phone calls. |
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In order to protect your personal income from lawsuits that are filed against your business you must legally incorporate and separate from that business. Otherwise a lawsuit against your company can attach your personal property and income because they are legally the same thing. Yes, but even doing so doesn't guarantee they can't come after you personally. I worked for a CPA. While she was working as an Auditor, a company asked her to sign a disclosure form. The form indicated that she may be an officer of the company. The company didn't pay their payroll taxes and the owners split. The IRS could not locate them, but could locate my boss. 10 years after this happened she was still getting calls from the IRS saying she owed these taxes despite the fact that the business was its own legal entity. The IRS is nothing but a collection agency. They will come after anyone they think they can scare into paying. She was not libel for that just because they were trying to intimidate her. Yes, I know and she knows. But that didn't stop the phone calls. That is harassment. What you do is have a lawyer send them a letter requesting that they stop calling her. Or send it yourself. Be willing to back it up. File harassment charges. |
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If a small business owner files for a pending corporation, and if he keeps separate books for himself and his business, and if he pays taxes on both his take home salary and the profits of the business and someone sues him, and wins, they can probably still take his business and his personal property if he has not legally completed the incorporation of the business as a separate entity and can't pay the damages. They could also go after his wife's income depending on the circumstances. Yup, It is very hard to remove yourself and protect your personal assets from problems that arise in the business you own. Like someone slipping on the floor cracking their head and ends up with hundreds of thousands in medical bills. Not to mention all the legal costs and damages the jury will award... |
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