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Have you not considered the "Limited Liability" part of "Limited Liability Company?" If anything bad happens and you get sued, you can fold up your tiny little
by GotAwesome 10y ago
Have you not considered the "Limited Liability" part of "Limited Liability Company?"
If anything bad happens and you get sued, you can fold up your tiny little company and go back home. Where as if you're just a sole-proprietor, you can get sued for literally anything and everything.
- mikeryan 10y agoDid you read the whole comment? You don't say what your side project is, but you have to ask your self whether you need liability protection, that is what are the chances someone is going to sue you for damages. If you feel you need liability protection, then you should form an entity.
- Grishnakh 10y agoThis is simply not true. Did you miss the part about "limited liability"? The limitation to liability is your involvement in the action. If you're the only person in the company, there's zero limit: you're fully responsible for all actions of the company. You don't get to hide behind a sheet of paper just because you filed some LLC paperwork when your product fails and kills someone.
- curried_haskell 10y agoIt's "limited" liability, not "no" liability.