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Yes, Clint can confirm but that was part of the LLC to reduce exposure.
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- Thread starter clinto
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I feel sure everyone is aware of the NEW requirements as of 1/1/24 for LLC. in the U.S. its a lot harder to keep your name off of certain paper work ! They darn near want a D.N.A. sample to go with every LLC /SUB S it would be a automatic to seek an attorneys opinion on how to protect who evers name is on the dotted line ! Im curious if we pay whatever that windrock wants for us to have a field for vendors to set up why their liability insurance isnt covering them in case of litigation of something that may or may not have happend on their property ! My analogy is why get an LLC to buy a ticket at a theater to go in and watch a movie the theater is the one that need the protection
Why couldnt a simple say 2 million dollar umbrela policy for the same 400 bucks that the LLC would cost in TN work ?
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Generally an Umbrella is part of a regular policy. Meaning the Umbrella will help when you get sued after your regular insurance policy is exhausted...
clinto
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Just to clarify:
LLC: incorporation of event so the event has the legal liability, not you. Low Range Productions gets sued, not Clinto. This just covers who gets sued, not where the money comes from.
Insurance policy: pays money out you don't have.
The two aren't exclusive. You could have an LLC w/o insurance or vice versa.
Another way to think of it is that Windrock bought a policy to protect them against things they do, not things the rally does.
In your hypothetical theatre ticket scenario, the theatre got the movie, paid for advertising to get you to come to their building. If the building collapses, it's on them. If it collapses, a victim sues them and then they sue the builder, engineer, etc.
Now imagine you start a Facebook page for your neighborhood. The "one Thursday night a month we all go see a movie together" Facebook page and you and 7 of your neighbors go to see a movie and the building collapses.
Exactly the same scenario except you now share in the liability. You told the people to go the (now known to be) unsafe theatre. You are now also getting sued and just like the rally in the Windrock scenario, you aren't covered. You wanna' make the argument that you shouldn't be liable? Great, many will agree with you. But you'll have to hire an attorney and spend years of your life trying to convince the people who matter (judges and juries) that you aren't liable.
Here are some realities about life and the rally:
You're not gonna' outsmart the world. You aren't going to say something clever that gets you out of doing things the right way. If you want to run any size of event, you need some protection. An LLC and an insurance policy are cheap. They are not the hard parts of the rally.
Your name on an LLC might feel dangerous, like you're officially saying "if this goes sideways, I'm the villain". The reality is as soon as you put it out there, you're the villain. So you can run it without an LLC or insurance, but you'll lose your house when something goes south. I took all that risk on myself (and all the volunteers) for 10 years and luckily, nothing went south. I don't care what ya'll do with it. Run it without an LLC. Run it without insurance. Won't be any hair off my back.
That being said, this thread is already older than it needs to be. If one of ya'll wants this, better speak up this week.
LLC: incorporation of event so the event has the legal liability, not you. Low Range Productions gets sued, not Clinto. This just covers who gets sued, not where the money comes from.
Insurance policy: pays money out you don't have.
The two aren't exclusive. You could have an LLC w/o insurance or vice versa.
Well, we purchased a policy for each year (each event) starting around.... 2015? but we never filed any claims.
I am aware of this, I own two other companies. Not a big deal IMHO. Just paperwork.
So imagine someone gets hurt at Windrock. Say a person backs up in the dark and runs over a kid. Windrock would be sued but also the rally. Windrock's policy would cover their aspect ( defense / payout). Windrock's policy wouldn't do anything for us, so we'd be high and dry.
Another way to think of it is that Windrock bought a policy to protect them against things they do, not things the rally does.
This analogy isn't valid, as it isn't apples to apples.
In your hypothetical theatre ticket scenario, the theatre got the movie, paid for advertising to get you to come to their building. If the building collapses, it's on them. If it collapses, a victim sues them and then they sue the builder, engineer, etc.
Now imagine you start a Facebook page for your neighborhood. The "one Thursday night a month we all go see a movie together" Facebook page and you and 7 of your neighbors go to see a movie and the building collapses.
Exactly the same scenario except you now share in the liability. You told the people to go the (now known to be) unsafe theatre. You are now also getting sued and just like the rally in the Windrock scenario, you aren't covered. You wanna' make the argument that you shouldn't be liable? Great, many will agree with you. But you'll have to hire an attorney and spend years of your life trying to convince the people who matter (judges and juries) that you aren't liable.
Here are some realities about life and the rally:
You're not gonna' outsmart the world. You aren't going to say something clever that gets you out of doing things the right way. If you want to run any size of event, you need some protection. An LLC and an insurance policy are cheap. They are not the hard parts of the rally.
Your name on an LLC might feel dangerous, like you're officially saying "if this goes sideways, I'm the villain". The reality is as soon as you put it out there, you're the villain. So you can run it without an LLC or insurance, but you'll lose your house when something goes south. I took all that risk on myself (and all the volunteers) for 10 years and luckily, nothing went south. I don't care what ya'll do with it. Run it without an LLC. Run it without insurance. Won't be any hair off my back.
That being said, this thread is already older than it needs to be. If one of ya'll wants this, better speak up this week.
I have a separate umbrella on me ! Maybe its not called an umbrella it might just be a policy on me but not with auto/home owner company I know its 200 for a mil per year cause i just paid it a few weeks back i will ask next trip to the ins co.
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Clinto, very clear explanation. 
I am happy to be in the Czech Republic, not in the USA. I have an entrepreneur's license and also am running a Czech non-profit. The non-profit is like an LLC , individual board members are liable only up top something like $ 4 ,000, but only if proven to be really serious faulty. Suing here does not get you very far. With my US friends, we also established a 501 (c) (3) "friends of the ..." non-profit in Iowa, but that one died a soft death a decade ago due to inactivity.
So yes, we need preferably both the LLC and insurance.
But as Clinto said, this is getting into a discussion about paperwork, while it should be about somebody stepping up to the plate and take a swing at it.
Once somebody takes on that job, I am sure with help from people here, the paper work can be solved easily.
So: anybody stepping forward officially?
or, as in the movies, everybody else taking a step backwards so one is left holding the bat?
Clinto and his companions did this job very long for us as Steel Soldiers family, and now we just let this die because he cannot continue and nobody is willing to take over??
I am happy to be in the Czech Republic, not in the USA. I have an entrepreneur's license and also am running a Czech non-profit. The non-profit is like an LLC , individual board members are liable only up top something like $ 4 ,000, but only if proven to be really serious faulty. Suing here does not get you very far. With my US friends, we also established a 501 (c) (3) "friends of the ..." non-profit in Iowa, but that one died a soft death a decade ago due to inactivity.
So yes, we need preferably both the LLC and insurance.
But as Clinto said, this is getting into a discussion about paperwork, while it should be about somebody stepping up to the plate and take a swing at it.
Once somebody takes on that job, I am sure with help from people here, the paper work can be solved easily.
So: anybody stepping forward officially?
or, as in the movies, everybody else taking a step backwards so one is left holding the bat?
Clinto and his companions did this job very long for us as Steel Soldiers family, and now we just let this die because he cannot continue and nobody is willing to take over??
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Currently my attorney is looking into the best way to limit liability for the rally , there may be hope to get this done. I am not able to take this on, however I am talking to someone who might. We should know one way or the other shortly.
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My attorney's opinion is that an LLC is the safest way to go. I had my insurance agent give me a quote on four million $189. I gave the attorney the policy to review, his response was after looking at the exclusions was "What do they cover?" . If that is the way you want to go, I would be very careful of the exclusions. I was contacted by someone who is interested in having the rally at Windrock, I hope he can put something together, I am sure if he does he will be in contact with everyone. I wished him well as I will be unable to attend.
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Just 2 cents, but should we not identify a date, (First week of October), and make that a pivot point for redevelopment?
Thoughts?
Thoughts?
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so there might not be another tenn rally?
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When are you going?
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Making a preferred date could help put some urgency in there.
However, it is rather risky to fix that date without being sure the preferred location is available and that somebody is going to do the paper work and leg work to make sure it will happen. And after one month, we still do not have a clear sight on who that would be
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However, it is rather risky to fix that date without being sure the preferred location is available and that somebody is going to do the paper work and leg work to make sure it will happen. And after one month, we still do not have a clear sight on who that would be
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One month later: any progress?