Quote:
Originally Posted by retiredguy123
Maybe. But, an LLC, limited liability company (not a corporation), will not always ensure liability protection to the owner who sets one up. The owner will often be sued anyway because an LLC is not much more than a name registration with the state. If that would work, why not put your house, your car, and other assets into an LLC, and avoid all personal lawsuits?
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Honestly, if you’re renting your home, the house should be in a corporation.
Some people do put other assets into an LLC. For most people, the cost (setting up the corporation, annual filing requirements) don’t make sense.
Also, you can get a liability policy for 7 figures that would protect most people (hint, most people are getting sued).
This is a specific case, of leasing a golf cart, where you can maybe $10k in liability coverage.