As in individual or as an LLC, what is my potential liability in selling a salvage titled vehicle?
Answer:
Well, who owns the car, you, or the LLC? Who put it back together again? Or are you selling the vehicle for parts?
Liability really rests on if you're selling a car for roadworthy purposes, and which legal entity made it roadworthy. Then if it falls apart on the highway killing the occupants, obviously you're better off if the LLC sold it as roadworthy and put it together again.
If you sell it for parts only, it doesn't matter.
LLC means..
give some more additional details
If your business is a sole proprietorship, or non -incorporated, your pesonal assets are liable for liquidation of debts. I f you are incorporated, only the assests of the corporation are liable for liquidation for debts, not yourr personal property.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: