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pwf3
Guest
Oklahoma: Just incorporated as an S-corp. It's a service business that will never have more than $5000 in assets. My insurance agent says I need $500,000 in General Business Liability insurance and that "that's not very much" but it is very expensive! Here's the question: Does the s-corp create a liability "firewall" to protect personal assets? or Is there any scenerio that my personal assets would be at risk?
Point of claification: I'm willing to put the $5000 at risk in the case of a law suit. ( I could be back in business in 2 days with a credit card if I had a judgement against the business and had to sell all the assets.) There is almost no chance of damage to customers property or persons--my main concern would be from someone working for me (but they are all run through a temp agency with worker's comp, payroll, etc. thru them.)
Point of claification: I'm willing to put the $5000 at risk in the case of a law suit. ( I could be back in business in 2 days with a credit card if I had a judgement against the business and had to sell all the assets.) There is almost no chance of damage to customers property or persons--my main concern would be from someone working for me (but they are all run through a temp agency with worker's comp, payroll, etc. thru them.)