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Lawsuit Liability (I am a sole proprietorship in Virginia)

This is a discussion on Lawsuit Liability (I am a sole proprietorship in Virginia) within the Business Contracts & Partnerships forum, part of the BUSINESS & FINANCE LAW category; I am a sole proprietorship in Virginia. I have a guy who "slipped" and fell in my parking lot and ...

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Old Dec 16th, 2008, 10:16 PM   #1
SmallBusinessinVA
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Default Lawsuit Liability (I am a sole proprietorship in Virginia)
I am a sole proprietorship in Virginia. I have a guy who "slipped" and fell in my parking lot and is now suing me. He is not asking for more than my insurance will pay - and Virginia is pretty good at not giving huge judgements. However, this has started my thinking of an LLC or S Corporation. I own 100% of the business (family run convenience store), with debts. Also with many current contracts. How would my filing for corporation status now affect those contracts, debts and especially the lawsuit. In particular - if he amended his suit and asked for more - would filing a corporation status now prevent my personal assets from being subject to liability?

HELP ME!

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