Return-Path: Received: from mail2.rdc1.il.home.com ([24.2.1.77]) by ns1.olsusa.com (Post.Office MTA v3.5.3 release 223 ID# 0-64832U3500L350S0V35) with ESMTP id com for ; Sun, 26 Nov 2000 14:01:54 -0500 Received: from home.com ([24.2.198.25]) by mail2.rdc1.il.home.com (InterMail vM.4.01.03.00 201-229-121) with ESMTP id <20001126190941.DKWQ28911.mail2.rdc1.il.home.com@home.com> for ; Sun, 26 Nov 2000 11:09:41 -0800 Message-ID: <3A215FF5.8F52C4CE@home.com> Date: Sun, 26 Nov 2000 13:09:41 -0600 From: Harry League Organization: @Home Network To: lancair.list@olsusa.com Subject: Re: liability/partnerships References: X-Mailing-List: lancair.list@olsusa.com Reply-To: lancair.list@olsusa.com Mime-Version: 1.0 <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> << Lancair Builders' Mail List >> <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> >> This is all fine and good but what about your income stream either from the partnership or your profession? How is that protected? Furthermore, what is the legitimate business of the partnership and have you considered the implications that it may be denied in court as a sham? "John Wright, D.O." wrote: > <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> > << 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. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 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. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>