Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law
This answer was rated:

I have a website, which might one day generate money. At the…

Hello,I have a website, which...
Hello,I have a website, which might one day generate money. At the moment I want to use it for showing it to interviewers ( I am a programmer ). I want to have liability protection, in case someone sees my website and thinks it is similar to their idea or what not, basically if someone trying suing me in regards ***** ***** web project. Now I want to start a single owner LLC to get the liability protection, but it seems that to get the protection I would need to get the LLC's finances separate and minutes etc. , so that a suing lawyer will not be able to breach the corporate veil.
My issue is that I am not planning to make money from the web site/project anytime soon, and I don't see it making sense that I open a bank account for it now, and create minutes for meetings.
What is my best bet to get liability protection on this project which is non-profit for now and the near future? thank you
Show More
Show Less
Ask Your Own Business Law Question
Answered in 5 hours by:
2/15/2017
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Business Law
Satisfied Customers: 20,615
Experience: B.A.; M.B.A.; J.D.
Verified

Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

Ask Your Own Business Law Question

Your concern:

Now I want to start a single owner LLC to get the liability protection, but it seems that to get the protection I would need to get the LLC's finances separate and minutes etc. , so that a suing lawyer will not be able to breach the corporate veil.

My issue is that I am not planning to make money from the web site/project anytime soon, and I don't see it making sense that I open a bank account for it now, and create minutes for meetings.
What is my best bet to get liability protection on this project which is non-profit for now and the near future? thank you

Response: Unfortunately, if you want the LLC to be considered a a separate legal entity and enjoy protections of separate legal entity, you cannot commingle the LLC's debts/assets with your personal assets. Eventhough the LLC is not making any money now, you need to separate the LLC's operations from your personal obligations to shield your personal assets from being used to satisfy the LLC's legal obligations--to maintain the LLC's separate entity's veil. So, this means that you need to set up a bank account for the LLC, have separate finances and minutes, etc. for the LLC. There are some banks that offer free checking for small businesses. You can research and find those banks in your locality and open account with one of the banks.

I am sorry that this is not the response that you were hoping for. However, I have ethical and professional obligation to provide you with honest information eventhough that information may not be in your favor.

Best wishes,

Ask Your Own Business Law Question
Customer reply replied 1 year ago
no thank you I appreciate it

You are quite Welcome!

Kindly take a minute and use the popup screen to give a 5-star rating to my response so that I can receive proper credit for addressing your concerns. There is no additional cost to you for giving a 5-star rating. Positive rating is how I get paid for answering questions on the site.

Thank you for your cooperation.

Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Business Law
Satisfied Customers: 20,615
Experience: B.A.; M.B.A.; J.D.
Verified
Phillips Esq. and 87 other Business Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Phillips Esq. Your Own Question
Phillips Esq.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Business Law
Satisfied Customers: 20,615
20,615 Satisfied Customers
Experience: B.A.; M.B.A.; J.D.

Phillips Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
Tax k1 question. In an LLC if a percent of LLC is given in
Tax k1 question. In an LLC if a percent of LLC is given in trade for service/equipment is there anything needed to submit k1 aside from ssn/ein, name and address? 2% was given to manufacturer to redes… read more
socrateaser
socrateaser
1,031 satisfied customers
Llc. California. Opened llc. I am a non resident allien
llc JA: What state are you in? It matters because laws vary by location. Customer: california JA: What steps have been taken so far? Customer: opened llc JA: Anything else you want the lawyer to know … read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
A small business owner in Texas is getting evicted from the
A small business owner in Texas is getting evicted from the establishment in which her business is conducted due to not paying rent. She lives in another town and will no longer be conducting the busi… read more
Thomas Swartz
Thomas Swartz
Attorney
Juris Doctor
2,862 satisfied customers
If your small business is broken into and the police are
If your small business is broken into and the police are called, will they allow you to take your ledgers, payroll book business numbers and unpaid bills with you. … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,630 satisfied customers
I have a small business I have two contracts in a mine two
I have a small business I have two contracts in a mine two different planners asked me to do work I was told by several mine employees that one was the priority so I did that work the other planner go… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,835 satisfied customers
Law Educator, I have a small business and seeking to hire an
Good Morning Law Educator, I have a small business and seeking to hire an employee which the position would be bookkeeper or secretary. Since I am an orthodox religious jew, it is a requirement for th… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have an LLC question. Texas. I have an official LLC. I'm
I have an official LLC. I'm opening my own restaurant and everything is solely in my name and under my own LLC … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
What should we do? We are a small business with 8 retail
What should we do? We are a small business with 8 retail stores; that sells women's Swimwear. Today, we received an email through a feedback form (shows IP address; coming from his store) on our websi… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
If an LLC is established as XYZ LLC and they would like to
If an LLC is established as XYZ LLC and they would like to set up a non-for profit Corporation under it. How should they proceed? If the NPLC is dissolved, what happens to the assets? Can he NPLC be c… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I have a question in regards to a small business my wife and
I have a question in regards ***** ***** small business my wife and I are looking into starting. We would like to get some insight on some of the legal issues we'd have to get covered for this busines… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,835 satisfied customers
We have a small business - professional services - as a
We have a small business - professional services - as a partnership LLC between two partners. Do you have an example of an "operating agreement" for such a business? we need a template so we can fill … read more
Ray
Ray
Lawyer
Doctoral Degree
31,396 satisfied customers
If an LLC (A LLC) in Utah has as the only member as another
If an LLC (A LLC) in Utah has as the only member as another LLC (B LLC). If B LLC failed to renew and has an expired registration as 5/30/2017. Is A LLC not defunct under Utah Code 48-3a-701 (3), beca… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
8,357 satisfied customers
THe other member of a two member LLC abandoned the LLC
THe other member of a two member LLC abandoned the LLC leaving me with no financial data that is reliable and actually took some assets worth some $700+. I filed a small claims action but it has taken… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,835 satisfied customers
I recently applied for a small business loan. The lender is
I recently applied for a small business loan. The lender is affiliated with and funded by the U.S. Department of Housing & Urban Development and a partner of the U.S. Small Business Administration, U.… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
We are selling a small business and need the paperwork done
We are selling a small business and need the paperwork done for taking a note on it and other items pertaining to the sale. What type attorney should I be looking for? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Im a (non-involved) part owner of a small business in
im a (non-involved) part owner of a small business in Georia. I was offered and paid money to sell my shares to my nephew. My partners lawyers wrote and states due to the corporate bylaws the sale is … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,917 satisfied customers
I am negotiation legislation for a group of small businesses
I am negotiation legislation for a group of small businesses with a state agency. The agency is asking our industry for a price to provide a service we currently do not provide. To avoid federal and s… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My girlfriend has had a small business for over 10 years and
Hi My girlfriend has had a small business for over 10 years and she has operated as a Sole Proprietor the whole time. Im going to set he up here forward as a LLC in Mn. From a liability stand point, I… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x