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Fucking Sue Me

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Re: Fucking Sue Me

#11

Post by tptacek »

_delirium wrote: post #8
TomGullen wrote: post #2

I think the lesson is here it's all fine and dandy until someone does sue you. Then it's a different story.

If you're a 22-year-old with no assets it's probably not much different; you lose a judgment and declare bankruptcy and that's that. If you're older and have a lot of assets, you just do it via a corporation and it's the same, thanks to the magical unaccountability of the corporate veil.

IANAL, but signing contracts in bad faith may under some circumstances be tortious. Your corporate liability shield probably does not protect you from tort claims.

You are shielded far more by your lack of meaningful assets. You aren't worth anything to sue. But there are clients, I promise you, who will turn out to be vindictive.

Incidentally, if you're 22 years old, you should still have an LLC.

Re: Fucking Sue Me

#13

Post by nknight »

analyst74 wrote: post #9
gnu6 wrote: post #4

Earlier quoted context omitted.

Even if it were changed to that, the story wouldn't end with "I couldn't buy food, my macbook pro got repossessed, and I went to federal pound-you-in-the-ass prison." If you do get sued and your business collapses you can always start another one.

Personal liability would be a nasty thing to deal with after your business failed. And you may not get to start another company with a huge personal debt.

I wouldn't sign a contract for personal liability on something that big, but bankruptcy law exists for a reason.

Re: Fucking Sue Me

#14

Post by taariqlewis »

When there's nothing to lose, there's everything to gain, but when there's everything to lose, there's alot more lawyering that will keep yer nose clean if something eventually goes south. Get a lawyer when there's really something to lose.

Re: Fucking Sue Me

#15

Post by veyron »

_delirium wrote: post #8
TomGullen wrote: post #2

I think the lesson is here it's all fine and dandy until someone does sue you. Then it's a different story.

If you're a 22-year-old with no assets it's probably not much different; you lose a judgment and declare bankruptcy and that's that. If you're older and have a lot of assets, you just do it via a corporation and it's the same, thanks to the magical unaccountability of the corporate veil.

Nowadays a lot of companies try to add clauses that pierce the corporate veil (for example, having personal guarantees)

Re: Fucking Sue Me

#17

Post by owenmarshall »

> Then there was the time I wanted to hire my first full time employee. I was apprehensive to do it because I only had enough money to pay him for 2 months, unless I got another client fast.

> “Worry about that in 2 months,” Dad said.

Speaking from the perspective of that employee, fuck you.

OK, for the serious point: you may be not give a shit about risk. Good for you, you crazy risk taker! The world truly needs more people like you.

But for me? I've got a mortgage and a car payment and a wife who is trying to go through graduate school. I need to know that my ass isn't going to come into work on the 61st day and hear you say "Well, looks like we're outta cash -- sorry buddy..."

If, on the other hand, you share that risk with me up front, thanks -- you're a good boss.

Re: Fucking Sue Me

#18

Post by compay »

compay wrote: post #12

"Just be lucky like I was" is rather poor advice.

To clarify though, I believe the success he's had is most certainly NOT luck but rather hard work and merit. My comment was referring just to that specific article.

Re: Fucking Sue Me

#19

Post by nknight »

compay wrote: post #12

"Just be lucky like I was" is rather poor advice.

Did you read the very last line of his post? "I’m not sure what the lesson is here."

I don't see him giving advice to anybody. I see him recounting some rather... debatable decisions early in his career.

Re: Fucking Sue Me

#20

Post by nandemo »

> Then there was the time I wanted to hire my first full time employee. I was apprehensive to do it because I only had enough money to pay him for 2 months, unless I got another client fast.

> “Worry about that in 2 months,” Dad said.

This seems really dishonest. Yeah, everybody knows that startups are risky, but if you can't afford to pay more than 2 months of salary, then don't hire a full-timer. Either find a co-founder or hire a contractor instead.

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