- Jurisdiction
- Ohio
I started an single person LLC last year with private label products for sale online. The sales were fairly good with over a half million in 2020. Frankly, the products were a bit risky with some having issues, but nothing has caused an injury and I do not believe they would hurt people. However, I did not do my due diligence in getting liability insurance. I have asked several insurance companies for quotes but they didn't want to take me on because the private label products would be registered as manufacturer.
I am a bit concerned and wondering what others would do in this instance.
I am debating about completely dissolving the business because of this, even though it is good income for me. However, if I get sued without insurance, can't I just sell all the LLC assets and pay with what is left in my business bank account, then bankrupt/discontinue the business?
I am a bit concerned and wondering what others would do in this instance.
I am debating about completely dissolving the business because of this, even though it is good income for me. However, if I get sued without insurance, can't I just sell all the LLC assets and pay with what is left in my business bank account, then bankrupt/discontinue the business?