How do I protect myself from getting sued?

Discussion in 'Professional Trading' started by Port1385, Mar 20, 2009.

  1. kevin107

    kevin107

    Google "asset protection"
     
    #21     Mar 20, 2009
  2. your spouse is probably the greatest risk for your assets for most people.
     
    #22     Mar 20, 2009
  3. gkishot

    gkishot

    Not for me. She is my best friend. :)
     
    #23     Mar 20, 2009
  4. That's what they all thought.

     
    #24     Mar 20, 2009
  5. Register a company (where you own 100% of the shares), and open accounts in the name of the company.

    Then the company pays you salaries, commissions, bonuses, etc.
     
    #25     Mar 20, 2009
  6. non of that matters if you are sued personally. your company would be considered part of your assets.
     
    #26     Mar 20, 2009
  7. bears21

    bears21

    if you are being sued personally the only viable options i would see is that if you are married and you dont have joint debts. if you dont and they are only your debts creditors cannot put liens or levy bank accounts where you and your wife are both on the account. same would work for an llc have her as your partner on the llc. now if you both have joint debts then all bets are off because anything with your names on it can be attached in a judgement.
     
    #27     Mar 20, 2009
  8. One way I thought of protecting myself was getting a front-man identity. Someone who is trusted like a close brother...place the assets in their name and I have access to it through a handshake agreement. Its risky...
     
    #28     Mar 20, 2009
  9. Port, for a guy who claims to have $150mm you sure don't seem too smart.

    You should look into Nevada LLCs. For the right price they will veil your identity so thickly not even the government can find who owns what.

    ::wink::
     
    #29     Mar 20, 2009
  10. not to mention stupid. what if he gets sued?
     
    #30     Mar 20, 2009