If someone structures a brand new business as and inc or llc, can the structure protect their personal liability for things such as equipment leases? For example, if ABC Surveying, Inc. signs an equipment lease for GPS robotics, etc, is the owners personal credit and assets at risk if the business folds?
Just a passing question, not geared towards any scenario I’m contemplating. The discussion came up today at lunch as to why some companies are sole proprietor, llc, inc., etc.
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