It’s a chore but this is a good time to clean up your records
This strategy can be very effective. Suppose that “Charles” has invented a new type of desk chair and he has received a patent for it. He wants to start making them, but is afraid that if one breaks and someone is hurt, he will be sued. So he creates a company with his friend “Danny,” Charles’ Chairs Inc., where they are the sole shareholders. Since the only real asset that Charles’ Chairs Inc., would have is the patent, instead of assigning the patent to Charles’ Chairs, he creates another company, Charles’ Patents LLC, and assigns the patent to it. Charles is the sole member of Charles’ Patents LLC.
If anyone buys a Charles Chair and is hurt, the only “person” to sue is Charles’ Chairs Inc., which has almost no assets – just
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