LLC, L L, Instructor discussed on The Troubleshooter
Flight lessons. And you have an instructor that you hire and this instructor flies the airplane. That instructor and the airplane if you put it in an L. L C And that gets into a crash and kills a student. They can sue the instructor and they can sue the airplane and the airplane. You know the owner of the airplane, but if it's an LLC, The lawsuit is limited to the assets of the L L C. That's a limited liability, meaning they can't go out of the L. L. C. To sue you as the owner of the aircraft. They can sue the individual pilot for negligence even if he's working for an LLC, so see here's what happens with your wife. If you start an l. L. C. Then her liability will be limited. The LLC is liability, but they can still sue her personally. So so many people forget that they start in l. L C and they think Wait a minute. You can't sue me. This is an LLC. But in the end the analogy of the pilot they consume the pilot. Who is flying in an LLC Unless you get everyone to agree. They're doing business with an LLC, meaning that your wife is be LLC or a representative of the LLC and not individual and that will help limit liability. But then there are other reasons to do an L L C will go over right after this..