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Protecting Your Assets with the Limited Liability Company
Are you worried about being sued? Well, you should be. There are 18 million lawsuits in the United States each year. But that isn't the whole story. Have you heard of the "deep pocket" syndrome? The deep pocket syndrome is where the person who claims to have been harmed files suit against anyone who is even marginally connected with the incident. The list includes the shopper who spills the milk on the supermarket floor; the employee who fails to clean it up quickly; the supermarket that hires the employee; the designer of the "defective" shelf that holds the milk, and the manufacturer of the "defective" milk carton. This kind of lawsuit is brought on to ensure that the person with the money, or "deep pockets," is covered by the claim for damages. As you can see, this domino effect could lead to as many as 50 or 60 million people being sued each year. What can you do about it? Create what many consider to be the premiere asset protection entity, the Limited Liability Company, or LLC.
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