If I start a new LLC with assets from an LLC that is out of business, am I responsible for their debts?: I am working for a B2B expo company that is going out of business. I want to buy their contact lists, website, etc and start my own company taking over the upcoming events. The original company has a good amount of debt. Will the new LLC be liable for that debt?
Devon’s answer: Not if you set up your deal properly. You will want to enter into a formal written Asset Purchase Agreement for the business assets that you are purchasing, and ensure that has good terms to protect you from those debts with defense and indemnity clauses.
While renting an AirBnB, someone fell and broke the glass fireplace cover. What are they responsible for paying?:
The fireplace was very old, and no replacement parts exist. As such, the entire unit needs to be replaced. What would the person be responsible for - the cost of the labor + new unit, value of previous unit relative to remaining life, something else?
Along similar lines, if the host of the AirBnB needs to offer some discounts temporarily while the fireplace is installed to other customers, would the person who broke it be responsible for covering this?
Devon’s answer:
I recommend contacting AirBNB, as well as any marketing or management companies you use, such as Evolve, as they typically provide insurance that helps cover the costs of anything that your renters break.
As for what they're liable for, it will depend on the terms of the contract they signed when renting the property.
Can I register multiple DBAs under one LLC if one brand sells products and the other marketing services?: I have an LLC in Washington State registered as a wholesaler/Distributor and I import home decor textiles. I am now planning to start a marketing company offering services to other businesses. Can I register 2 DBAs under the same LLC despite the nature of the 2 businesses being very different? OR should I be opening a seperate LLC?
Devon’s answer:
I agree with the comments above. For legal and accounting purposes, keeping the two lines of business in two separate LLCs is typically the best option. But, I do recommend consulting with an attorney about the specifics of your situation before making a decision.
That said, there are ways you can keep them separate, but still combine them to streamline things like payroll or other business process that are common between the two. Many people do this with a parent LLC or corporation, that acts as a holding company for the two (or more) businesses, and also provides those businesses with certain administrative/payroll so you don't have to run too many dual systems.