What is this supposed to mean? Are normal people understanding LLC as some sort of special protection for them as investors?
"The offices were beautiful, and I was told it was a limited liability corporation,” said Reggie Roseme, a deliveryman in Wellington, Fla., who lost his entire savings of $35,000 and now faces foreclosure on his home."
(This is from an article on Madoff-like ponzis in the New York Times).
1/28/2009
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I think so. Maybe you know what an LLC is because your family are entrepreneurs (right?), but despite being an educated person I couldn't have hazarded a guess as to what an LLC is before law school. I doubt I would have reached the quoted person's apparent implicit conclusion, but ignorance about the details of business is widespread, sometimes even among people you would have expected to know better.
Extended family are - my dad's a public servant of a kind.
I would likely not have been sure what an LLC was before law school, but like you, would not have decided it meant I was somehow protected from being robbed. But I'm not necessarily blaming the victim for being ignorant - I am just very interested that the scammer used the term as a selling point.
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