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Detachable power cords... Why?

#101
2.6kHz said:
There is the old LLC which will insulate you from personal liability. The business on the other hand....
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Slevage said:
Right on..... but not many "artisians" can afford to be a LLC, and if you become an LLC, you'll need product liability----- then the insurance companies call the shots.
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In my state, it costs $50 to start an LLC, and $25 each year thereafter to renew it. I started my photo studio that way. I even took out a Federal ID number for it. I also have a business liability insurance policy for the LLC, (even though that is not required in my state). But since I am what is considered a 'sole proprietor' LLC, the liability limitations are not as robust as in a C corp. I could still be sued for personal assets if the claim exceeded what my LLC and its insurance agreed to pay out. Nothing is as simple as it seems on the surface.
 
#102
Coolhandjjl said:
In my state, it costs $50 to start an LLC, and $25 each year thereafter to renew it. I started my photo studio that way. I even took out a Federal ID number for it. I also have a business liability insurance policy for the LLC. But since I am what is considered a 'sole proprietor' LLC, the liability limitations are not as robust as in a C corp. I could still be sued for personal assets if the claim exceeded what my LLC and its insurance agreed to pay out. Nothing is as simple as it seems on the surface.
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2 things that are game changers---- Make a product for consumer use, Make that product run on electricity (fire is the issue)
 
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#103
Coolhandjjl said:
Modern amps aren't the problem. It's the legacy products they made, the old Transonics that could be potentially hazardous. Not sure what sort of insurance Ampeg holds, those old B15's could be lethal. (Well, any device can be lethal, some just easier than others.) When corporations are bought and sold, sometimes liability still passes to the new owners, sometimes they have to create a 'receiver' solely for potential lawsuits, while shielding the new corporation from liability. Depends on if there was a design defect, code violation, if they knew about it, if there should have been a recall, etc., etc. Gets pretty complicated.
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Very complex as you said. Every corporation has legal issues to deal with on an ongoing basis.

The agreement that Loud signed when they bought Ampeg has been posted on TB and they are insulated. Loud is owned by [Invalid or Expired Link Removed], a large capital management firm. Lots of lawyers at all levels I'm sure.

The certification process is expensive, time consuming, and it's frustrating to deal with the examiners. It is the cost of doing business though.
 
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#104
beans-on-toast said:
Very complex as you said. Every corporation has legal issues to deal with on an ongoing basis.

The agreement that Loud signed when they bought Ampeg has been posted on TB and they are insulated. Loud is owned by [Invalid or Expired Link Removed], a large capital management firm. Lots of lawyers at all levels I'm sure.

The certification process is expensive, time consuming, and it's frustrating to deal with the examiners. It is the cost of doing business though.
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Hence the detachable power cord ------ as mentioned in the OP
 
#105
Slevage said:
2 things that are game changers---- Make a product for consumer use, Make that product run on electricity (fire is the issue)
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Yep. It's just a hard thing to enforce or police. Best business practices are to following codes, get proper certifications, purchase insurance, etc. I made a clamping connector that I marketed to digital photographers for cable management. I sold it to dealers. I took out a liability policy for that product in case someone pinched their finger. That was not required or requested by any dealers, rather I did it as best business practices suggested such.
 
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#106
Slevage said:
People who drive with out insurance are either stupid or don't own anything.
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In a lot of cases, I'd guess it's due to cost... have you seen the price of legalized gambling (insurance) these days?
My homeowners has gone UP 35% in the last 2 yrs.. !!
Cars?? Don't even get me started.. :***:
 
#108
beans-on-toast said:
Very complex as you said. Every corporation has legal issues to deal with on an ongoing basis.

The agreement that Loud signed when they bought Ampeg has been posted on TB and they are insulated. Loud is owned by [Invalid or Expired Link Removed], a large capital management firm. Lots of lawyers at all levels I'm sure.

The certification process is expensive, time consuming, and it's frustrating to deal with the examiners. It is the cost of doing business though.
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The devil is in the details. Someone is liable, just not Loud or their successors or assignees.
 
#112
Slevage said:
No sympathy here---- I know too many people who lost a lot (including legs), by uninsured losers.
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No disagreement with you.. I know a few too... but.. sympathy wasn't the point of my post.
Having insurance is one thing.. pricing [effectively forcing] folks out of the market (do I eat or pay insurance) in order to maximize shareholder value [read: greed] was the point.
 
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#113
s0c9 said:
No disagreement with you.. I know a few too... but.. sympathy wasn't the point of my post.
Having insurance is one thing.. pricing [effectively forcing] folks out of the market (do I eat or pay insurance) to increase shareholder value [greed] was the point.
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Then you don't drive. My wife and I own two cars. My 16 year old son has mediocre grades, hence no good student discount. Given that, we can only afford to put him on the cheaper cars insurance, which is my wife's. He is not allowed to drive my car under any circumstances. At that point, it makes no diff if I rant about insurance companies gouging policy holders to fill share holders pockets. The immediate concern for me is that he only drives what he is insured under.
 
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#115
s0c9 said:
No disagreement with you.. I know a few too... but.. sympathy wasn't the point of my post.
Having insurance is one thing.. pricing [effectively forcing] folks out of the market (do I eat or pay insurance) in order to maximize shareholder value [read: greed] was the point.
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I hear ya----- I don't mind fair pricing, but when the insurance execs get a 1Meg or more bonus.........?
 
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#119
Coolhandjjl said:
Then you don't drive. My wife and I own two cars. My 16 year old son has mediocre grades, hence no good student discount. Given that, we can only afford to put him on the cheaper cars insurance, which is my wife's. He is not allowed to drive my car under any circumstances. At that point, it makes no diff if I rant about insurance companies gouging policy holders to fill share holders pockets. The immediate concern for me is that he only drives what he is insured under.
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I was going to reply that I own 6 cars (four kids driving) and am all too familiar with how to save on car insurance, but then I read the thread drift part.. so I won't. :)
 
#120
beans-on-toast said:
The certification process is expensive, time consuming, and it's frustrating to deal with the examiners. It is the cost of doing business though.
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It's a total pain in the hole at all levels. I can understand why a lot of small mfrs don't bother, though I'm not sure I'd take that risk supposing I ever go down that road again.
 
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