business types

[James E. Braun, CMI]

Originally Posted by dbowers

We formed as a cartel.

Oh, you are following the MAR model.

[Joe Funderburk, CMI]

In case I get sued, me and Frankie "Uzi" Carlotta are partners.

[Joseph Burkeson, CMI]

Originally Posted by gromicko

The best thing for an inspector to be is not "judgment proof" (which is impossible), but rather "collection proof." The way to be "collection proof" is to never own any attachable assets.

Living in Florida lends to this notion nicely, your house and retirement funds are safe in Florida, just ask OJ.

[Gary Farnsworth]

My wife owns everything that I have.......

[Steven C. Meyer]

[QUOTE=gfarnsworth;507455]My wife owns everything that I have.......[/QUOT

In my case, it's my ex wife!!

[Steven C. Meyer]

Originally Posted by dbowers

We formed as a cartel.

Thats a good one!!!! So far, the best option presented!!!

Question, thou: do you just rub them out, or break knee caps???

[Brian E. Kelly]

Originally Posted by jbraun

I asked my CPA that question about 10 years ago. He told me since if I think I am going get sued then I need to not be a sole proprietor and go ahead and pay more taxes as a LLC. I like paying very little taxes, so I have never switched. Since the bank owns about everything I have, I really have nothing to loose if I get sued.
I am living the American dream. Sad but true.

http://www.irs.gov/pub/irs-pdf/p3402.pdf


LLC, probably the simplest way to do business and pay taxes. Keeps your tax burden very low as a single owner. Lots of things to write off including health insurance.

If the only member of the LLC is
an individual, the LLC income and
expenses are reported on Form 1040,

Schedule C, E, or F.

[ldapkus]

Originally Posted by jburkeson1

Living in Florida lends to this notion nicely, your house and retirement funds are safe in Florida, just ask OJ.

Don't ask Bernie

[Nick Gromicko]

Madoff and OJ are different.

Madoff plead guilty to a CRIMINAL charge.
OJ was found NOT guilty criminally. He only lost his wrongful death CIVIL suit.

[Steven C. Meyer]

Originally Posted by gromicko

Madoff and OJ are different.

Madoff plead guilty to a CRIMINAL charge.
OJ was found NOT guilty criminally. He only lost his wrongful death CIVIL suit.

Madoff situation is a court ordered restitution, they can go after any and everything he has. Not a "dischargeable" debt in bankruptsy. His wife's "seperate" property claim, probably won't fly!

In OJ's case, they can go after any assets he has, and if he went bankrupt, all would be sold to satisfy any judgements. That's a civil matter. However, they can NOT go after his retirement income. He will need that to "buy off" his fellow inmates! He will, however, lose any Social Security benefits he may have.

Bottom line, structure your assets in a manner they are "untouchable" in the event you do get a large judgement against you. With a crazy jury, even if you carry insurance, there is always a posibility the judgement could exceed your coverage limits.

AS Nic said, "make yourself collection proof". Best survival advice I have heard in years!!!

[Nick Gromicko]

Actually the advice I gave was to make yourself "collection proof" as it is impossible to make yourself "judgment proof."

[Steven C. Meyer]

Originally Posted by gromicko

Actually the advice I gave was to make yourself "collection proof" as it is impossible to make yourself "judgment proof."

Sorry Nick, was my mistake, meant collection, not judgement proof, corrected the error.

A judgement doesnt mean squat, if you can't collect it!

I have a drawer full of "judgements" against prior tennants, all of which are uncollectable. Have come to the conclusion, why bother to sue, just compounds the loss.

My only hope, is they win the lotto, then it's a "gotya"!! So, those of you who buy a lotto ticket, and win the big one, off shore it, and then plead poverty!!!

I am sure any good attorney or CPA, can advise you of the best way to shelter your assets, Your best line of defense in this law suite happy world, is a good exit plan!