Originally Posted by Dan
Not having any thing to lose is a good thing in that if sued by a bad person, they get nil. An LLC is for you if you have a house or stocks or any thing of great value that could be taken from you if some one successfully sued you. Don't bother spending the $ until you have need. I got sued once and told the guy's lawyer; "I own a cat, this PC and socket set. It will cost 2K to sue me and you won't even get the cat. Have at'it"
Never heard from them again.
...and the cat was stolen
You made me laugh Dan...that was good!
Here's a fine example...In the late eighties I had an auto shop. I would go to the dealerships when business was slow and buy used cars to repair and re-sell. I bought a Toyota Cressida 94 model from a doctor who had bought a new vehicle. He had left his Cressida at the dealership; basically not knowing what to do with it. I checked this car over in the back-lot of the dealership and found out that the mechanic who diagnosed a new top end made a mistake...all it needed was a $30.00 oil distribution valve to the cam towers. I called the "Doc" and we agreed on a price of $500.00. This car was like new!!! Home-run I'm thinking to myself. The dealership was glad to get it off the lot, and the Doc was glad the dealership would no longer be calling and asking "what do you want us to do with your car". It was a win-win for everyone.
I got it to the shop and put on the new part. I drove it 60 miles round-trip from home to the shop everyday for two months. It was a great car, It had a 5-speed tranny, I loved it! 90% of them came with a slush-box...the 5-speed was great behind a double overhead cam "6"
I decided to sell it. I put an add in the paper @ $6,500.00 The phone rang off the hook. I was tight for money and let the first jerk have it, complete with a 90 day warranty. I had driven it for 2 months, so I felt confident offering a warranty.
3 months later I get a call from the owner, who had given it to his teenage son after I sold it to him. There was a little white puff of smoke upon start-up, he said. I told him it needed valve stem seals, and that I had broken 3 Ribs and it would be a few weeks before I could fix it, but that I would honor the warranty as soon as I was able.
This flaming Ass**** took the car to a gas station, (Literally), and had them replace the engine at a cost of $3,600, and sued me for the bill. The judge looked at me and said, "although it is clearly stated in your warranty that all warranty repair work will be performed by you", you're warranty was not written by a lawyer and my judgement is for the paintiff. It's a good thing I have a sense of humor...I told the judge "cool enough", I really wanted to call him an idiot, but I knew that probably wouldn't go over too well.
I never gave this nit-wit a dime!!! He mentioned doing this and doing that...I told him I hope you have the balls for a hatfield and mcCoy re-enactment...he went away after that.