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Message
Lawyers of the OT - Buying a Unit in a Bar
Posted on 1/4/19 at 10:49 am
Posted on 1/4/19 at 10:49 am
I won't own the bar, I'll be buying a unit in the bar. No ownership or right to direct use of assets. Just an "investor" of sorts.
My question is, what kind of liability could I be held responsible for if someone sues?
My question is, what kind of liability could I be held responsible for if someone sues?
8
Posted on 1/4/19 at 10:51 am to MisslePig
quote:
My question is, what kind of liability could I be held responsible for if someone sues?
I would think your liability would still be a pro-rated equivalent to your share divided by the total number of shares regardless of any type of "silent ownership" agreement with regards to assets.
Posted on 1/4/19 at 10:52 am to MisslePig
I hope you are buying into some sort of corporation or the likes, especially if its a bar.
I have a friend who owns a chain of bars. One location got sued for over pouring on some bullshite. Now they dont have insurance on that particular location. Next lawsuit, ownership will be passed on
I have a friend who owns a chain of bars. One location got sued for over pouring on some bullshite. Now they dont have insurance on that particular location. Next lawsuit, ownership will be passed on
This post was edited on 1/4/19 at 11:14 am
Posted on 1/4/19 at 10:59 am to NYCAuburn
quote:
insurance
That's the real answer.
Posted on 1/4/19 at 11:08 am to Clyde Tipton
If I invested under an LLC would that make a difference?
What if I was buying a share of stock, could a stock holder be sued?
What if I was buying a share of stock, could a stock holder be sued?
Posted on 1/4/19 at 11:11 am to MisslePig
quote:
I'll be buying a unit in the bar. No ownership or right to direct use of assets. Just an "investor" of sorts.
What? What are you actually buying then? If you don't own a part of it, than you're just lending them money.
Posted on 1/4/19 at 11:11 am to MisslePig
quote:
If I invested under an LLC would that make a difference?
What if I was buying a share of stock, could a stock holder be sued?
There are people called lawyers where they went to school to deal with this exact thing. Perhaps you should research what a lawyers is and consult one.
Posted on 1/4/19 at 11:13 am to MisslePig
quote:Do you know what the "LL" in LLC means?
If I invested under an LLC would that make a difference?
quote:The reason why corporations were created is to cut off liability of the shareholders.
What if I was buying a share of stock, could a stock holder be sued?
Posted on 1/4/19 at 11:24 am to MisslePig
Just an fyi...start every "where da lawyers at" threads with a state.
Why would you want to be an owner that has absolutely no say in how the business operates? What happens if they wipe out all the profits each year, leaving you with nothing?
Without more information, it sounds like a loan, which the owners personally guarantee, might be your best bet. In louisiana, you could legally hit them at 12% interest.
Why would you want to be an owner that has absolutely no say in how the business operates? What happens if they wipe out all the profits each year, leaving you with nothing?
Without more information, it sounds like a loan, which the owners personally guarantee, might be your best bet. In louisiana, you could legally hit them at 12% interest.
Posted on 1/4/19 at 11:34 am to MisslePig
Like any business venture or real estate venture. Talk to a lawyer. Could save you thousands.
Posted on 1/4/19 at 11:37 am to Salviati
quote:
Do you know what the "LL" in LLC means?
quote:
The reason why corporations were created is to cut off liability of the shareholders.
Do you know what piercing the veil means?
Posted on 1/4/19 at 11:42 am to tigersfirst
quote:
Do you know what piercing the veil means?
Shhhhhh. Attorneys have to eat too.
How else will they bill this cat $35,000 after he becomes personally liable for something that happens at the bar that he invested $3000 into?
Posted on 1/4/19 at 12:00 pm to MisslePig
Buying a Unit in a Bar
why would you, ever?
its a lose, lose, lose, lose, maybe break even if you are lucky thing
why would you, ever?
its a lose, lose, lose, lose, maybe break even if you are lucky thing
Posted on 1/4/19 at 1:19 pm to MisslePig
90% of the reason to own a bar is to own a bar so you and your friends have a cool place to hang out for cheap and brag about.
If you take that away, good luck with the whole ‘investment’ part of it. There’s no way I’d be a silent owner in a bar.
If you take that away, good luck with the whole ‘investment’ part of it. There’s no way I’d be a silent owner in a bar.
Posted on 1/4/19 at 1:25 pm to MisslePig
Unrelated, but I have no idea how Tigerland bars don’t get sued regularly.
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