Originally Posted by TyDow
I do appreciate all the advice. One question though. I am just wondering would I need LLC protection since I do not own any assets with a high value? I do understand that folks can get hurt on these motorized bicycle and I also plan to sell them AS IS. I would like to protect myself. Just not sure if LLC is the way to go for me right now. Should I wait to see if the business is somewhat successful?
Thanks in advance
This forum is a great place to get advice on building motorized bikes but I would seek a professional opinion when looking for legal advice. I have only formed an LLC in one state so other states might do it different. In NH it only takes one person, $100, and 20 minutes at the state house. It is a rather painless process and in my opinion it is cheap insurance but you need to keep it clean just like a regular corporation.
I am not an attorney either so my opinion is just another voice in the crowd. Even if you have no assets at the moment, you never know what the future holds. There is nothing to stop people from suing you for more than you are worth. It would be a shame, years from now, to have to give up a large windfall because you did not feel the need to protect your assets back when you were dabbling in small business. Even without the windfall, it would be a shame to go through life with a judgment hanging over your head of any type. An LLC gives you a measure of protection against personal judgments.