DIYbanter - View Single Post - Selling prototypes, beta-versions: Liabilities?

George

On 9/17/2011 8:54 PM, J. Clarke wrote:
In , says...

"Lloyd E. Sponenburgh"lloydspinsidemindspring.com wrote in message
. 3.70...
fired this volley in news:j532ka$kf5$1
@speranza.aioe.org:

In addition if the state you live in has a homestead act, register your
home and protect it from a lawsuit.

My son is handicapped. We signed everything we own into a durable trust
for him; He owns it all. Because he is incompetent to enter into any
agreements with anyone, he cannot be found liable for any form of tort or
contract breach. The trust cannot be touched.

Even if I screwed up and was found liable, they couldn't take the house
away. But the LLC helps improve even that, because it doesn't own
anything but the intellectual rights to what it sells (and usually for
prototypes or one-offs, the customer actually owns those, anyway).

I wouldn't ever deliberately sell anything I knew was going to hurt
someone. However, if I got one of those typical suit notices on my desk
where the customer was careless, and now they are going after everyone
they think may pay for their stupidity, I'd just notify them that the
corporation was dissolved due to insufficient resources to litigate, and
that they were welcome to the proceeds of the dissolution -- which was
whatever petty cash was still in the front desk's drawers when the
corporation went out of business. The desk, of course, would have been
leased, and had to be returned to its owners.

LLoyd

In todays world you have to make yourself judgement proof. Having been
a defendant i can tell you its a major pain. It took 4 years to settle and
even
when you win you lose. There is no way to recover the lost time and money
spent defending your self. Even if you have no assets to satisfy a judgement
you will probobaly be called as a witness, at the very least you will have
to
give a deposition. We are in dire need of major tort reform.

Not gonna happen as long as lawyers are running the government. The sad
thing is how few people see a conflict of interest with people who
profit from complex laws making the laws.

One of the reasons for that is all businesses are portrayed as bad with
those "smart" people in the government the only ones who can help us.
Every business gets lumped into the same category as the Wall St pirates
who were responsible for tanking the economy with the securitization of
mortgages.