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  #11  
Old 09-01-2011, 02:46 PM
Sulla the Dictator Sulla the Dictator is offline
 
Join Date: Mar 2011
Location: Las Vegas, NV
Posts: 1,364
Default Re: Booze and Money (Tim Fernholz & Megan McArdle)

Quote:
Originally Posted by Starwatcher162536 View Post
I'm not worried the state is not going to have funds to cover something it screws up.
Are you worried that the state crafts laws which can limit its liability if it screws up? Are you concerned that the state picks winners and losers in the market, and those winners usually end up being the people who contributed more to their political campaigns?

Quote:
I am worried private individuals will make large profits utilizing risky practices that are siphoned off into personal bank accounts leading to dummy-corporations not having the funds to cover something when it gets screwed up. That seems to me most of the point of LLCs and their limited liability.
It would seem to me that only the most extreme type of "screw up" would be thwarted by limited liability. And any example that extreme can be prosecuted in criminal court.
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