I own a music venue and am concerned about customers getting hurt on my property. How can incorporating or forming an LLC to own and operate my venue protect me?
Our customers often form a corporation or an LLC to conduct, operate and manage their business in order to help protect their other assets from liabilities or lawsuits that might result from their business. If the corporation or LLC is formed and managed correctly and there is a claim or lawsuit relating to the business, then generally only the assets owned by the corporation or the LLC, and not the business owner’s other personal assets, will be subject to the claim or lawsuit. In other words, by forming a corporation or an LLC to operate their business, business owners may be able to limit their potential liability and avoid personal liability if there is a claim or lawsuit relating to their business. If a business owner owns multiple business assets (for example, a building on the one hand and a business that operates a music venue on the other hand), he or she may be able to further protect his or her assets by forming a separate corporation or LLC to own and hold each separate ass
