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RE: Engineering from Home - Protecting Perso

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Dennis et al:

Respectfully - please reread your post then think back to Aas v. William
Lyon that you discussed earlier this year.  My understanding is that the
courts in California are tired of all the BS cases relative to home building
and their ruling in Aas is how the are trying to put a stop to it.

I have insurance because our clients demand it and are willing to pay for
it.  The cost of the lawsuits that comes with the insurance are then just a
part of the overhead.  To quote "The Godfather" 'It is simply business.'

It is nice to see people posting about business and personal issues and not
just how many kips can dance on the head of an anchor bolt.  See recent
threads about "Disappointed Engineer." This is a great profession for the
mental stimulus, but not so great on the money end relative to other
professions.  Bill's questions show that we can think money in this business
and have our fun too.

Again no disrespect intended here to anyone, George Richards, P.E.

-----Original Message-----
From: Structuralist [mailto:dennis.wish(--nospam--at)gte.net]
Sent: Monday, April 02, 2001 4:12 PM
To: seaint(--nospam--at)seaint.org
Subject: RE: Engineering from Home - Protecting Perso


Bill,
According to "an attorney friend" in California, a Chapter S corp. will not
protect you from having personal assets taken during a law suit. The
rational is that the courts recognize that many have incorporated with the
sole purpose of protecting personal assets and you are a sole proprietor
firm, your home and possessions are not protected by a Chapter S
Corporation. I don't know if this is true of other Corporations. I ended a
Chapter S Corporation (which was a nightmare to close out an dragged on for
about four years with a minimum payment of $800.00 each year for nothing)
because it would not protect me.
I agree with Fountain about going "bare". There is too much corruption in
the legal industry where it is too easy to profit from frivolous suits.
Lawyers are not willing to go after your personal assets as they are much
harder to obtain and requires much greater expense on the lawyers side.
You might look into legal "trusts" to protect personal assets. I am not an
expert here and am just learning about establishing trusts for family
members. There may be a way to protect assets by establishing some kind of a
family trust.

Dennis

> -----Original Message-----
> From: Bill Polhemus [mailto:bill(--nospam--at)polhemus.cc]
> Sent: Monday, April 02, 2001 11:44 AM
> To: seaint(--nospam--at)seaint.org
> Subject: RE: Engineering from Home - Protecting Perso
>
>
> I am going to incorporate based on information gained from a
> small business
> development course I have been taking through the University of Houston.
>
> The fact is, a corporation WILL protect you from lawsuits, particularly of
> the frivolous kind, because the corporation will be the entity
> that is sued,
> not you personally.
>
> Also, while you're right that you can't "contract away
> negligence", the fact
> is that MOST lawsuits, and MOST jury awards, are for "frivolous
> reasons". If
> you are at fault, you're at fault. But such a setup will prevent someone
> with a brief for just "getting" you for whatever reason, from coming away
> with anything of value.
>
> A Subchapter "S" seems to be fairly easy to set up, and does not penalize
> you unduly from taxes.
>
> William L. Polhemus, Jr., P.E.
> Polhemus Engineering Company
> Katy, Texas
> Phone 281-492-2251
> Fax 281-492-8203
>
>
> -----Original Message-----
> From: Roger Turk [mailto:73527.1356(--nospam--at)compuserve.com]
> Sent: Monday, April 02, 2001 3:19 PM
> To: seaint(--nospam--at)seaint.org
> Subject: Engineering from Home - Protecting Perso
>
>
> Michelle,
>
> Unless your "corporation" is the registered structural engineer, the
> corporation does not protect anything.
>
>
>