I have a home based business can i get...

Nick A · #1 (**permalink**) 03-09-2007, 07:00 PM

...sued!? I have a home based busines very small selling magazines on the internet and door to door. Its a LLC, partnership with a friend of mine, if he was working and got i a car wreck and hurt someone and they sued the company could i lose my house because its the business address AKA Business headquarters.

Evermore · #2 (**permalink**) 03-09-2007, 09:30 PM

if they sue the company, then company's money would have to pay if they winif they sue you then you would have to pay if they win the law suitedepends who they are sueing

Ender153 · #3 (**permalink**) 03-10-2007, 12:18 AM

No. Limited Liability company's are a seperate entity from the constituants. Thats why you use a TIN (Tax ID Number) instead of your SSN. If your company is sued it can only be sued for what the company is worth. The suer cannot go after the partners' personal assets.

Peggy K · #4 (**permalink**) 03-10-2007, 10:21 AM

If it was a company car, then I would bet they'd sue the company, if you were out on company business. The company could lose its assets, but since it's an LLC, your personal assets are safe.But seeing as how this is probably a personal car on personal business, you'd be liable on a personal level, if you didn't have liability insurance to cover it.

jim_elkins · #5 (**permalink**) 03-10-2007, 03:46 PM

I see a paradox here. You say your business is a LLC, partnership. It is either a LLC (limited liability corporation), or a partnership, it can't be both.One of the reasons for opting for a LLC is because it protects your personal property. Only assets held in the name of the company can be used to satisfy claims should the company go bankrupt.The only way someone can sue in the situation you describe is if the vehicle is titled in the name of the company.

libbey d · #6 (**permalink**) 03-10-2007, 06:53 PM

No you wouldn't lose the house unless the house belongs to the business. Since you have a LLC, business & personal assets are seperate. They could only go after the business assets.

vsquared · #7 (**permalink**) 04-05-2007, 11:12 PM

We can all be sued for just about anything, but are you likely to held liable for your friend's actions? Unfortunately, the car owner may be held liable even if not at fault; but insurance may cover liability. The LLC may also be held liable if your friend acted on its behalf during the incident.