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And this: "Without a corporate barrier to protect us, the penalty was personal. How high would the fine go if we did not settle?" Doing this without an incorp
by billyhoffman 11y ago
And this:
"Without a corporate barrier to protect us, the penalty was personal. How high would the fine go if we did not settle?"
Doing this without an incorporated company is just clown shoes. Surely they must have had one, but a quick skim of their TOS doesn't reveal a company name or Doing Business As entity. I don't understand why an SEC fine would be against the people and not the entity.
- mpyne 11y ago> I don't understand why an SEC fine would be against the people and not the entity. Are you sure that it's really not clown shoes? I mean, ordinarily I'd agree that surely no one would be crazy enough to run a securities exchange without incorporating, but the quote you linked from their post seems to imply otherwise.
- billyhoffman 11y agoIt's possible. Years ago I knew a few security folks who were moonlighting as independent security consultants. They did an assessment of a financial institution, caused some downtime, and there was a lawsuit. Turns out they hadn't incorporated and it was pretty terrible for them. Let this be a lesson. Always Always Alway create a business entity. Separation == protection