Teach Soap

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Irena
Closed minds are like faulty parachutes; they refuse to open.

please tell us................

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Irena
Closed minds are like faulty parachutes; they refuse to open.

Well, considering that I live with my parents and I'm still in school. I really cannot say that I own anything, because I don't.
So, maybe it would be okay to sell without insurance because they wouldn't get anything anyways.

Talking about this brings up one thought though.. It is at the customers own discretion to buy a product. I don't think that most people are like me, but I read the ingredients before I buy any skin care products.. so if the buyer was to get a rash, or some other skin irritation wouldn't it be their own fault for not reading the label to see if there was anything in it that they know doesn't work well with their skin?
I don't know, but I think that people shouldn't be so ignorant to just say "Oh I got a rash, I'm going to sue". Its their own fault if they don't read what is in the product.

I don't know the rules in Canada, but the lawyers here could go after your parents house since you still live there.

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Irena
Closed minds are like faulty parachutes; they refuse to open.

don't people incorporate their company to protect their personal assets? how is that done?

was it soap or some other product???

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Irena
Closed minds are like faulty parachutes; they refuse to open.

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Irena
Closed minds are like faulty parachutes; they refuse to open.

Yes, you can "incorporate" your business. It is a different process in different States. In California it costs around $700.00 a year plus a ton of paperwork - and depending on how you set it up ( S Corp. Or C Corp.) you still may have liability issues. California has a do-it-yourself program if you want to, but in some States it is best to get an Attorney and an Accountant involved.

I'd spend the money to talk to an attorney before I bothered to form a corporation. Specifically check out the concept of "piercing the corporate veil" - if you personally are making all the products, and the assets in question belong to you personally, it is very unlikely that a corporation will offer any protection.

Current CA MINIMUM state taxes are $800 per year, plus filing fees for various forms. This tax is due whether you collect any income or not. About double what insurance costs.

(corporate paralegal in my day job....)

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