Sometimes we wonder how far something can legally be stretched. When forming an LLC, some may wonder if there’s any way to protect assets from being used to satisfy legal responsibilities related to an accident or misdeed.
Legal protections, like a tape measure, include limits on how far they can be stretched.
In the early 1980s, one of my Dad’s prized possessions was a Starrett-brand “long-line” tape measure. The tape measure when coiled was about six inches in diameter and organized in a shiny, silver, hard-backed round case that included a handle to re-spool the tape.
One summer day in 1981 before I started first grade, when my Dad was away from home, I swiped the tape measure and retreated to a portion of our barn that was never used. I decided at that moment that I was going to figure out how far that tape measure would go. I pulled and pulled and pulled on that tape measure until the end of the tape itself was pulled loose from the case, never to be re-coiled again.
Read Lee’s full article in the Lima News about how far liability protection can be stretched here: Legal-Ease: How far can I stretch my liability protection?
Source: LimaOhio.com, “Legal-Ease: How far can I stretch my liability protection?,” by Lee R. Schroeder, April 13, 2019
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.