Sentences with phrase «because of their limited liability»

Because of their limited liability, their personal assets aren't in jeopardy.

Not exact matches

Entrepreneurs like limited liability companies because they protect owners from having their personal assets seized by creditors of the business.

Schorr cautions that LLCs won't fit every company's needs: «Because of the limited number of states that have enacted LLC statutes, and the lack of case law, companies that do business in a range of states run the risk of encountering a state that wouldn't recognize the limited liability of the partners.»

Q — but it turns out not to be correct, or accurate, are you then trying to limit the liability that you may encounter by not dealing with any of those questions now, and pushing them all off because you say it's ongoing litigation?

Because of a 1996 State Board of Elections ruling, limited liability companies are treated as individuals rather than corporations in New York.

One of the justifications that liberals make for the regulation and taxation of corporations is that corporations are by their very nature government - subsidized enterprises, because the government gives them limited liability status, i.e. it makes it so that even though the shareholders control what the corporation does, they are not personally liable for damages due to what the corporation does, beyond the money they've invested.

Getting rid of limited liability would also discourage investment, because without it investors are also liable.

The New York Insurance Association, a trade group that represents property and casualty insurance industry, opposed Cahill's bill because it would «needlessly increase mandatory minimum limits of liability and fails to preserve the legal distinction between using a vehicle for personal uses and for ride - sharing services, which will result in greatly increased costs for all New York auto insurance consumers.»

LLCs have become the state's most popular form of limited liability business entity and are favored by small business owners because it affords them the «managerial flexibility and favorable tax benefits of the partnership, while also providing the conventional limited liability protection of the corporation.»

He said the school system's lawyers have advised him that «there are limits to what we can hand off, because the liability of what happens in that school comes back to the superintendent of the county school district and to the board.»

Technical Answer: «If a claim is made or a suit is brought against an insured for damages because of bodily injury or property damage... we will pay up to our limit of liability for the damages for which the insured is legally liable... and provide a defense at our expense by counsel of our choice even if the suit is groundless, false, or fraudulent.»

Liability coverage generally includes defense costs, as well, and most policies pay those without regard to the policy limits because it's in the best interest of you, the company, and other policyholders to prove the liability claim before paying it, in order to avoid large settlements for false or frivolouLiability coverage generally includes defense costs, as well, and most policies pay those without regard to the policy limits because it's in the best interest of you, the company, and other policyholders to prove the liability claim before paying it, in order to avoid large settlements for false or frivolouliability claim before paying it, in order to avoid large settlements for false or frivolous claims.

Unlike other mortgages, reverse mortgages are called «limited liability» loans because your property is the only source of repayment.

Another reason you may want to consider increasing your liability limit is if you have a backyard pool or trampoline because those types of items may increase the risk that a visitor is injured at your home.

Because umbrella insurance provides coverage once those limits are met, it's a good idea to become aware of your liability limits.

You should also think about increasing the liability limits, because it's incredibly cheap to do so — on the order of a few dollars a year.

From time to time, we hear the argument that someone doesn't need renters insurance because they live responsibly, and so they have very limited odds of incurring liability?

However, if your Child Tax Credit is limited because it's greater than your tax liability, you may be able to claim the rest of it as the Additional Child Tax Credit.

Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is considered remote, because it is limited to circumstances in which a disclaimer is inoperative and the Trust itself is unable to meet its obligations.

That's because the majority of credit cards offer zero fraud liability, and federal law limits your liability to just $ 50 for unauthorized charges made with your credit card anyway.

Nuclear power doesn't compete with other energy sources anywhere because it receives massive public subsidies in the form of liability limits enjoyed by no other energy source — not even close.

For example, after carefully considering my options and the nature of my business, I structured my own business as a limited liability company because of the flexibility it offers.

Because an LLC is formed by filing «Articles of Organization» (also referred to as a «Certificate of Organization» or «Certificate of Formation,» depending on state law) which contain a minimum set of required information, a Limited Liability Company Worksheet is a very useful tool in ensuring that you properly prepare for the formation of your LLC.

That's because the Congressional Budget Office, the non-partisan research arm of Congress, issued an analysis of proposals aimed at limiting costs to related to medical malpractice liability.

We know this because the United Kingdom requires limited liability partnerships to file detailed accounts of their finances.

Because some jurisdictions do not allow the exclusion or limitation of liability for negligence, consequential, incidental or other damages, in such jurisdictions the Foley Hoag Parties» liability is limited to the greatest extent permitted by law.

In the course of proceedings before the tribunal between the commissioners and the taxpayer company, X, in relation to X's liability under a county court judgment for unpaid PAYE income tax and national insurance contributions, the tribunal awarded costs in the sum of # 30,500, against the commissioners because of their «serial failures to comply with the time limits in the tribunal, rules and directions».

Hospitals, doctors, and their insurers will often choose to settle a claim outside of court because it limits their public exposure and liability.

Insurance companies want to limit their exposure or liability when a serious injury or death occurs; because of this they will hire attorneys whose job it is to aggressively undermine each aspect of the plaintiff's claim.

This is so because the compromise agreement is substituted for the claim, and the rights and liabilities of the parties are measured and limited by the terms of the agreement.

The application Judge held that the answer to the Question was a material misrepresentation because the contract between Robinson and KLM provided liability for the full value of the shipment lost, and this exceeded the limited liability under the Uniform Conditions of Carriage pursuant to the Carriage of Goods, O. Reg.

Although the Contract simply has the plaintiff sell interests in the proceeds, if the issuer were a Registered Limited Liability Partnership (structured like a General Partnership in which all of the partners had management rights) or a Member - managed Limited Liability Company in which the members manage the business, the investment interests would likely not be securities because the venture's profits would not be derived primarily from the «efforts of others.»

Safety 4 HEd is an LLP (a Limited Liability Partnership) that provides specialist Health and Safety consultancy services, principally for the University and Research sectors, but also deals with any companies with a real challenge (from technology, or because of work in a specialised sector).

Because all Elevate services are provided «as - is,» Elevate's liability, if any, shall be limited to the total amount of payments received by Clients for the services giving rise to any dispute and or litigation.

Many of these unusual — search for other pockets — claims in US motor vehicle accident injury litigation exist because the limits of any applicable vehicle liability policy are low, assuming there is liability insurance at all.

Because of such presumptions, the manufacturers and professional sellers can not limit or exclude their liability unless they are able to rebut the presumptions and prove they could not have known of the defect, which is a very high standard of proof.

But because this report's constructive criticisms seem to fall largely on deaf ears in Sacramento and in many courthouses around the state, this year's look at the West Coast's perennial Judicial Hellhole will pragmatically limit its focus to an armful of the state's civil injustices, including precedent - defying state supreme court decisions, the Private Attorneys General Act, Prop 65, food and beverage litigation, innovator liability, the California Environmental Quality Act's impact on affordable housing, courts» expansions of public nuisance law and natural disaster - chasing personal injury lawyers, among others.

UM coverage will pay up to your limits — without a deductible — which typically mirror your liability limits (per person and per accident) because UM is basically taking the place of the other driver not having bodily injury liability coverage.

Single - limit liability insurance is typically more expensive than split - limit insurance because there is not a limit that the insurance company has set on a particular type of damage.

Additionally, if you are to blame in an accident and carry single - limit liability insurance, the injured party's attorney may press for a higher amount in a settlement because there is no limit (with the exception of the total coverage limit) to bodily injury coverage.

[5] This was originally not a problem because it was thought that insureds» tort liability was predictably limited by doctrines like proximate cause and statutes of limitations.

That's because Umbrella insurance extends the limits of your underlying liability coverage, and it can do it for a pretty small cost (usually somewhere around $ 250 - $ 600 a year *).

Coverage for your legal liability up to the limits in the policy for damages because of bodily injury or property damage.

You'll see below that hiking your coverage to liability limits of $ 50,000 per person ($ 100,000 per accident), and $ 50,000 for property damage costs less than the lower state minimum limits.That's because in some instances insurance companies take into account the amount of coverage you had prior to buying or renewing your policy.

Because umbrella insurance provides coverage once those limits are met, it's a good idea to become aware of your liability limits.

If driver A files a claim of $ 300,000, then their underinsured motorist coverage would come into effect because of the limits trigger because driver's B liability coverage is too low.

Insurance companies prefer clients to carry liability limits of 100/300 or higher because it is the best protection against lawsuits.

From time to time, we hear the argument that someone doesn't need renters insurance because they live responsibly, and so they have very limited odds of incurring liability?

By limiting your liability coverage, you are analogously deciding to self - insure against the threat of liability expenses, because any costs due that fall above the limits of your policy will in most cases become your responsibility to pay.

Because of this liability, insurance companies generally give very short grace periods to homeowners, limiting the late period to between 10 and 15 days.