Arks
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- May 22, 2010
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I was just reading this article about KFC being ordered to pay over $8 million in a food poisoning lawsuit.
Not commenting on this particular case, but it's sure a reminder that any business can get hit with a bigger damages award than their liability insurance can cover, so it's really important that your business be protected as a limited liability company in some way. Otherwise, as a sole proprietorship, once they've taken the assets of your business they can come after your car, your cabin at the lake, and everything else you own.
Am I right about this?
Not commenting on this particular case, but it's sure a reminder that any business can get hit with a bigger damages award than their liability insurance can cover, so it's really important that your business be protected as a limited liability company in some way. Otherwise, as a sole proprietorship, once they've taken the assets of your business they can come after your car, your cabin at the lake, and everything else you own.
Am I right about this?