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Arizona Kenn · 28th February 2008, 05:45 PM

If there is a claim against you, say a guy cut his head off only 1/2 way, and he lives but will require major life support for the next 50 years, you will be the one liable towards his upkeep till he dies. Lots of legal stuff, hospitals and LOTS of money. If you don't have enough insurance to cover the next 50 years of the 1/2 headed man, YOU will be the one to pony up. You are the business and the business is you, house, cars, tools, 2nd and 3rd born will be looked at as assets that can be used to pay the guy with 1/2 a head (I would suggest a partnership and do the freak show thing.) And by the way, $1,000,000 is not a lot of money these days so if you think insurance will save you, you'll hate those premium increases at the next renewal, if you can even get insurance after the Frankenstein claim.
If you're a corporation, the only assets attachable are the assets of the corporation, so the 2nd and 3rd born are safe from court mandated surrender. Most taxi companies will incorporate each individual taxi, 100 cabs on the street, 100 corporations; only the assets of that one car are at risk if someone sues.
Of course this is coming from a guy that didn't have renters insurance and the house burnt down (we all have learned things the hard way.) By the way, If you rent, get renters insurance, it's cheep.

28th February 2008, 05:45 PM	#13 (permalink)
Arizona Kenn Sappling Join Date: Nov 2007 Location: arizona Posts: 26	Re: Type of buisness If there is a claim against you, say a guy cut his head off only 1/2 way, and he lives but will require major life support for the next 50 years, you will be the one liable towards his upkeep till he dies. Lots of legal stuff, hospitals and LOTS of money. If you don't have enough insurance to cover the next 50 years of the 1/2 headed man, YOU will be the one to pony up. You are the business and the business is you, house, cars, tools, 2nd and 3rd born will be looked at as assets that can be used to pay the guy with 1/2 a head (I would suggest a partnership and do the freak show thing.) And by the way, $1,000,000 is not a lot of money these days so if you think insurance will save you, you'll hate those premium increases at the next renewal, if you can even get insurance after the Frankenstein claim. If you're a corporation, the only assets attachable are the assets of the corporation, so the 2nd and 3rd born are safe from court mandated surrender. Most taxi companies will incorporate each individual taxi, 100 cabs on the street, 100 corporations; only the assets of that one car are at risk if someone sues. Of course this is coming from a guy that didn't have renters insurance and the house burnt down (we all have learned things the hard way.) By the way, If you rent, get renters insurance, it's cheep.