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Desert Racing
The Death of Desert Racing?
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<blockquote data-quote="jeff" data-source="post: 39610" data-attributes="member: 25"><p>If you are a rich dude / dudette and you are the one behind the wheel when the stuff hits the fan it won't really matter who your insurance is because the other guys money hungry legal team will try to bleed you for all you are worth. If you own the team or have stake in the team I'm sure the attorneys would go after whoever had the biggest pocket. Hell, they'd probably sue the sponsors too while they were at it. Like Scott said, if you ain't got anything there isn't anything for them to take. If I started racing I'd make sure my ass (and assets) was protected.</p><p></p><p>The LLC deal... If you are outside of California creating a limited liability company in most states is usually around $50 bucks for a 1-time fee and then a whole lotta paperwork. California wants $800 up front and then + + + for fees. The downside is that in California (and most states) the LLC regulations would make it less than desireable for a race team... When you create an LLC you are basically liable for whatever you have personally invested. So assuming you don't invest anything they can't get anything... but it doesn't protect your personal assets from attack. They clearly state that the LLC members' personal assets are vulnerable in case of a lawsuit. Not talking bankruptcy or protection from creditor law suits... this is the gross negligence type stuff. They take the business assts first and then go after the LLC members. If you were just dealing with creditors/vendors it would be different and the LLC would do a pretty good job of protecting you. In racing it wouldn't do much.</p><p></p><p>The real issue boils down to the people that attend the races. I wish that people would just take responsibility for themselves and accept it when bad things happen. If you go to a race and watch it "trackside" and get smushed by the PCI trophy truck when it veers off course that was your decision to be where you were. If people in the US weren't so SUE crazy we wouldn't have to worry about this crap.</p><p></p><p>With that said. I'm with John. I'll gladly take ALL of your equipment, put it ALL in my name, and let you use it whenever I'm not using it. I'll even store it ALL for free.</p><p></p><p>Aloha</p></blockquote><p></p>
[QUOTE="jeff, post: 39610, member: 25"] If you are a rich dude / dudette and you are the one behind the wheel when the stuff hits the fan it won't really matter who your insurance is because the other guys money hungry legal team will try to bleed you for all you are worth. If you own the team or have stake in the team I'm sure the attorneys would go after whoever had the biggest pocket. Hell, they'd probably sue the sponsors too while they were at it. Like Scott said, if you ain't got anything there isn't anything for them to take. If I started racing I'd make sure my ass (and assets) was protected. The LLC deal... If you are outside of California creating a limited liability company in most states is usually around $50 bucks for a 1-time fee and then a whole lotta paperwork. California wants $800 up front and then + + + for fees. The downside is that in California (and most states) the LLC regulations would make it less than desireable for a race team... When you create an LLC you are basically liable for whatever you have personally invested. So assuming you don't invest anything they can't get anything... but it doesn't protect your personal assets from attack. They clearly state that the LLC members' personal assets are vulnerable in case of a lawsuit. Not talking bankruptcy or protection from creditor law suits... this is the gross negligence type stuff. They take the business assts first and then go after the LLC members. If you were just dealing with creditors/vendors it would be different and the LLC would do a pretty good job of protecting you. In racing it wouldn't do much. The real issue boils down to the people that attend the races. I wish that people would just take responsibility for themselves and accept it when bad things happen. If you go to a race and watch it "trackside" and get smushed by the PCI trophy truck when it veers off course that was your decision to be where you were. If people in the US weren't so SUE crazy we wouldn't have to worry about this crap. With that said. I'm with John. I'll gladly take ALL of your equipment, put it ALL in my name, and let you use it whenever I'm not using it. I'll even store it ALL for free. Aloha [/QUOTE]
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