Return-Path: Received: from mtiwmhc26.worldnet.att.net ([204.127.131.51]) by ns1.olsusa.com (Post.Office MTA v3.5.3 release 223 ID# 0-64832U3500L350S0V35) with ESMTP id com for ; Sun, 26 Nov 2000 09:43:46 -0500 Received: from lap ([12.74.129.245]) by mtiwmhc26.worldnet.att.net (InterMail vM.4.01.03.10 201-229-121-110) with SMTP id <20001126145132.KUNF20084.mtiwmhc26.worldnet.att.net@lap> for ; Sun, 26 Nov 2000 14:51:32 +0000 From: "John Wright, D.O." To: "LML" Subject: liability/partnerships Date: Sun, 26 Nov 2000 07:56:18 -0700 Message-ID: Importance: Normal X-Mailing-List: lancair.list@olsusa.com Reply-To: lancair.list@olsusa.com Mime-Version: 1.0 <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> << Lancair Builders' Mail List >> <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> >> You are the builder from the FAA's point of view, but your family partnership is the owner. You could be sued like a manufacturer could be sued like Cessna for example, but if all of your assets are contained in your family partnership(s) in the event of a judgement against you the prevailing party can only obtain your percentage of the family partnerships that you own. Assume that you only own 1% and that your family owns the other 99%, they are now a 1% part of your family partnership but cannot take any assets unless the family partnership agrees. In addition your partnership may decide that it is a good time to assess membership dues to belong to this partnership which would discourage membership. I am not an attorney, but we did carefully research this topic along time ago. Keep in mind that in the above scenario your family really does own all of your assets so it pays to remain on good terms with your family! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> LML website: http://www.olsusa.com/Users/Mkaye/maillist.html LML Builders' Bookstore: http://www.buildersbooks.com/lancair Please send your photos and drawings to marvkaye@olsusa.com. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>