Re: Laid Off

Subject: Re: Laid Off
From: Lauren <lauren -at- writeco -dot- net>
Date: Tue, 13 Nov 2012 14:54:34 -0800

On 11/13/2012 2:29 PM, McLauchlan, Kevin wrote:

Lauren observed:
[snip]
Incorporation, either as a company or an LLC (depending on state) can protect assets, so if the company gets sued, then the personal assets are generally not at risk and if the person gets sued, the company assets are usually protected.
If the person gets sued, their shares in the corporation are a
seizable asset, are they not?

Stock in your example is a personal asset and not a company asset. So, yes, the personal assets of stock can be attached, but the corporate assets will not when only the person holding the stock is sued.

If the company gets sued... haven't we been seeing plenty
of cases where judges set aside the protection of the
corporate veil because, for a company to have done wrong,
officers of the corporation must have been - to some extent -
wrong-doers.... and even if it was some lower-level drone
who did something horrible (or horribly neglectful), it
would be the corporation and officers who/that would
have the deep pockets, not anybody down in the rank and
file (guilty or not).

You have raised too many issues in one sentence for a non-convoluted discussion of the law of business organizations, the corporate veil, agency, officer accountability, shareholder liability, and solvency.

...

Maybe your business should be owned by one corporation,
and your house by another.... :-)

What? and lose homestead protection?

Is there a book somewhere that lays out some basic
reasoning for a techwriter (or other knowledge worker)
to weigh and ponder when deciding how to represent
themselves to the world? (the sort of legal entity to choose)

There's a thought.

(Yes, I just used a plural pronoun to skirt [ha-ha] the
gender thing.)

(On the old CopyEditors mailing list, we used to say
"stitch" when we did that sort of thing.)

"Back my day... we used edit our way up piles of paper documents *this* high! ...both ways."

I'm going home now, after a full day of abject failure
at getting the system going that I'm supposed to have
already documented. G'night.

It's night?


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References:
Laid Off: From: Robin Davidson
RE: Laid Off: From: Cardimon, Craig
Re: Laid Off: From: Robin Davidson
RE: Laid Off: From: Kat Kuvinka
Re: Laid Off: From: Robin Davidson
Re: Laid Off: From: Peter Neilson
Re: Laid Off: From: Milan Davidović
Re: Laid Off: From: Lauren
RE: Laid Off: From: McLauchlan, Kevin
Re: Laid Off: From: Ken Poshedly
Re: Laid Off: From: Lauren
RE: Laid Off: From: McLauchlan, Kevin

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