Asset Protection

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  • SlimSunny
    Registered User
    • Jun 2018
    • 12
    #1

    Asset Protection

    Business Model Question:

    How does a content producer best go about protecting one's assets, in the event that someone does sue for some reason?

    In California, an LLC has an $800 per year tax liability just for existing. Obviously, I hope to make a lot more than $800 each year, but supposing I don't, at least at first, what other options do I have for protecting my personal assets from seizure by the business' potential liabilities?
    Tags: None
    • Sly
      Let's do some business!
      • Sep 2004
      • 31379
      #2
      Delaware LLCs are fairly inexpensive, $300 a year and no taxes. They take the $300 a year basically as a fee in lieu of the taxes. They also provide complete privacy of LLC ownership.

      Ultimately though you should be checking with a lawyer and see what they think. May cost you a few pennies, but will be less than losing your ass.
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        • SlimSunny
          Registered User
          • Jun 2018
          • 12
          #3
          Originally posted by Sly
          Delaware LLCs are fairly inexpensive, $300 a year and no taxes. They take the $300 a year basically as a fee in lieu of the taxes. They also provide complete privacy of LLC ownership.

          Ultimately though you should be checking with a lawyer and see what they think. May cost you a few pennies, but will be less than losing your ass.
          Agreed.

          But, what if I don't live in Delaware? I've looked into this to some extent already, and it seems that, if I am doing business in California - and I would think that shooting my content here would be considered "doing business" - I have to have a California LLC.

          Am I wrong? In this case I'd love to hear that I am.

            Comment

            • kjs
              Confirmed User
              • Jan 2014
              • 167
              #4
              1) How do your agreements look right now for all the people you do business with?

              2) Have you considered professional liability insurance?

              Having a corporate shield is great but avoiding a legal issue all together is even better.
              Skype: live:1794c463efa7cc23

                Comment

                • MassMarketing
                  TPMN
                  • Jun 2014
                  • 589
                  #5
                  I agree, if you are serious about protecting yourself, speak with a lawyer. It may cost you a few fucks up front, but worth it to remove the stress of worrying.
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