Passive income and personal liability

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Grr replied

25 February 2020, 15:31
Originally posted by eek View Post

No - just keep it in your contracting company and be glad things are simple for you.

I have a separate US company in progress as it's rapidly becoming unavoidable.

Thanks (in part) to IR35 I don't have a limited company any more. And that's a shame because the 'limited' part was really useful.
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Lance replied

25 February 2020, 15:30
as eek says, use your contracting co.

As for patent trolls...... That would not necessarily be a bad problem to have as you'd have to be very successful with the app for that to happen. I'd call that a tomorrow, hopefully problem.
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eek replied

25 February 2020, 14:03
Originally posted by Grr View Post

I'd like to use some of my time (as well a contracting) to develop mobile apps with the view to generating a probably small (but hopefully large) passive income from ad revenue.

I've seen reports from other developers who have been targeted by patent trolls which has left me concerned about my personal liability while trading on the Google and Apple play stores.

Obviously indemnity insurance would be useful but ideally I'd like to ring-fence by personal assets completely. A limited company would be overkill at least while the income is in the £100's/month but I like the idea of being able to walk away from any legal issues with my house in-tact. Is there any other way to protect myself ? Could I use an umbrella as a pseudo company with the same protection ?

No - just keep it in your contracting company and be glad things are simple for you.

I have a separate US company in progress as it's rapidly becoming unavoidable.
Leave a comment:
Grr started a topic Passive income and personal liability

25 February 2020, 13:46
Passive income and personal liability

I'd like to use some of my time (as well a contracting) to develop mobile apps with the view to generating a probably small (but hopefully large) passive income from ad revenue.

I've seen reports from other developers who have been targeted by patent trolls which has left me concerned about my personal liability while trading on the Google and Apple play stores.

Obviously indemnity insurance would be useful but ideally I'd like to ring-fence by personal assets completely. A limited company would be overkill at least while the income is in the £100's/month but I like the idea of being able to walk away from any legal issues with my house in-tact. Is there any other way to protect myself ? Could I use an umbrella as a pseudo company with the same protection ?
Tags: indemnity insurance