Shipping companies setup separate LLC’s for their ships so of they have an accident the ship goes bankrupt and they keep their profits shielded… that kind of stuff is bullshit
Yes. Like every system, there are those who abuse it. But you must be careful so that while trying to punish those abusers, you don’t end up creating avenues to also punish those who don’t abuse the system, but simply make a mistake. This sets a precedent so that the government can target the assets of the owner of the company if they’re not satisfied the company punishment, which doesn’t sound as cool when the company in question is your family’s bakery or your neighbor’s paralegal office.
Unironically, yes. You shouldn’t be able to shield your actions under a different corporate umbrella.
“Oh, guess we can’t fine them much because Twitter is a money pit, so they’ll get to continue breaking the law for cheap”
Nah, make the fine off of his entire net worth, make him cash in some of that stock so he can finally pay taxes and fines. Make it hurt enough for him to consider not breaking the laws of countries he wants to do business in.
Sounds good in principle, but isn’t the one of the main purposes of creating an LLC or Corporation to shield your personal assets from the company’s finances? Everyone cheers for these policies until you’re the one they’re coming for. I hope you’re as cheerful when the government wipes your personal bank account as consequence of your company’s affairs.
It’s easy to support when Elon is the recipient, but is this a good precedent to set?
Shipping companies setup separate LLC’s for their ships so of they have an accident the ship goes bankrupt and they keep their profits shielded… that kind of stuff is bullshit
Yes. Like every system, there are those who abuse it. But you must be careful so that while trying to punish those abusers, you don’t end up creating avenues to also punish those who don’t abuse the system, but simply make a mistake. This sets a precedent so that the government can target the assets of the owner of the company if they’re not satisfied the company punishment, which doesn’t sound as cool when the company in question is your family’s bakery or your neighbor’s paralegal office.
Shit take. Get judged by peers
Everyone thanks you for your helpful insight into this topic.
Unironically, yes. You shouldn’t be able to shield your actions under a different corporate umbrella.
“Oh, guess we can’t fine them much because Twitter is a money pit, so they’ll get to continue breaking the law for cheap”
Nah, make the fine off of his entire net worth, make him cash in some of that stock so he can finally pay taxes and fines. Make it hurt enough for him to consider not breaking the laws of countries he wants to do business in.
Sounds good in principle, but isn’t the one of the main purposes of creating an LLC or Corporation to shield your personal assets from the company’s finances? Everyone cheers for these policies until you’re the one they’re coming for. I hope you’re as cheerful when the government wipes your personal bank account as consequence of your company’s affairs.
LLCs shouldn’t exist in the first place.
A companys owner should always be liable for the laws its company breaks.