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White Island volcano eruption: Whakaari Management found guilty of ‘astonishing’ safety failures
(www.theguardian.com)
this post was submitted on 31 Oct 2023
21 points (95.7% liked)
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What about starting a non-risky business, like a cafe? The insurance requirements will still be very high.
What I think you are looking for is, that LLC protections don't cover negligence....which is starting to come into law. Look at the health and safety at work act.
Why are the insurance requirements high? Because it's risky. Cafés survive only at the whim of very ficklest of customers.
But with unlimited liability, if your cafe fails, you lose the house and future earnings can be on the line also.
LLC is for financial protection, not for criminal and now it also doesn't cover health and safety negligence.
That's the point.
LLC limits that liability of the directors and only the directors. The liabilities are still paid for by someone. LLC just means that someone is someone else: probably supplies and employees who don't get paid.
If you can't afford to self insure your cafe, don't start a cafe.
I can't afford to start an investment bank, so I don't try.