Return to index: [Subject] [Thread] [Date] [Author]

Re: Engineering from Home - Protecting Personal Assets

[Subject Prev][Subject Next][Thread Prev][Thread Next]
If you want to protect yourself, carry professional liability insurance.  For small low billing practices or side practices like you refer to DPIC has some relatively inexpensive policies.
 
Incorporation is not really viable for a small entity.  As a professional you are essentially on the hook regardless.  If you incorporate, as a sole practitioner, the corporation would be deemed "closely held" and would provide no additional protection.
 
Paul Feather
----- Original Message -----
Sent: Monday, April 02, 2001 10:05 AM
Subject: Engineering from Home - Protecting Personal Assets

This is a question regarding consulting from out of the home.  Normally, I do
not do consulting from my home, however, various Architect/Designer friends
have asked me to do some consulting on some small engineering projects
(additions, custom homes, retaining walls).   I'm not sure whether I'll do
the projects because I have a few concerns regarding protecting my personal
assets (house, savings, 401k, etc.) from lawsuits if (heaven forbid) I get
named in a lawsuit (as in some lawsuits EVERYONE is named on a project).  I
realize no one is really fully protected from being sued, however is there a
way to limit liability and protect my personal assets?  I have heard that if
one incorporates oneself this helps protect personal assets but I'm not sure
what that entails.

Any info. would be very helpful.

Thanks,

Michelle