• Mulry
  • Mulry
  • Ayatollah of Rock-n-Rollah
  • Offline
  • From: Dallas, TX
  • Registered: 2009-05-01
  • Posts: 4,607

Re: Team Setups - Orgaization LLC Operating Agreement

You can always set up a new bank account without forming a corporate entity. Plenty of legitimate businesses are run as sole proprietorships and have legitimate business banking accounts seperate from the owner's personal bank accounts.

A waiver isn't the worst idea, but it's still unlikely to slow down a Houston-area personal injury lawyer when he smells blood in the water. That may be an indelicate choice of words...

Pat Mulry, TARP Racing #67

Mandatory disclaimer: all opinions expressed are mine alone & not those of 24HOL, its mgmt, sponsors, etc.
  • From: Pleasanton, CA
  • Registered: 2009-09-02
  • Posts: 352

Re: Team Setups - Orgaization LLC Operating Agreement

I share a joint account with my "financial director" dedicated to the team.  We stay transparent, keep an updated spreadsheet of donated funds, and keep everyone honest.

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3X Organizer's Choice Winner 2010 - Sears Pointless, Goin' For Broken, Arse Sweat-A-Palooza
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  • From: The other side of the fence
  • Registered: 2009-06-17
  • Posts: 388

Re: Team Setups - Orgaization LLC Operating Agreement

icemang17 wrote:
Pendejo wrote:

I am going to keep my mouth shut! Corp,LLC,contracts!!! what ever happened to a drunk bet written on the back of a bar tab receipt!!!!!!



From the Corporate offices of Pendejo Corp doing business as Pendejo South LLC

Humbly the MAXIMO Pendejo

I'm a legend in my own mind.....I wonder it that has any legal protections?

Probably does! Or at least i hope it does....


PEnbEjO

  • Registered: 2009-07-19
  • Posts: 1,585

Re: Team Setups - Orgaization LLC Operating Agreement

Isn't my liability limited to my assets? So if I'm deeply in debt, upside down on my house and cars, to the point where my net worth is seriously negative, can I be held financially accountable? I mean, it makes sense that nobody who actually knows me would rely on me for anything financial, but is financial liability in a Lemons race (I own the car) really a legal issue if I have no assets? I was hoping that my complete fiscal irresponsibility would shield me from anything like that.

Everybody grab your brooms, it's shenanigans!
  • From: Atlanta, GA
  • Registered: 2009-09-01
  • Posts: 561

Re: Team Setups - Orgaization LLC Operating Agreement

I think you'd be surprised how much more they could squeeze out of you if they really tried.

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http://www.perpetualdownforce.com/

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