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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
Opening an MX park for public use-what are the pitfalls?
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[QUOTE="MXTex, post: 763255, member: 17501"] I've heard of tracks operating w/o insurance too. As I understand it, the track is first Incorporated, which removes the liability from persons to the Corporation. There are tax ramifications for doing this which I don't pretend to understand. Then all operating expenses and depreciable capital are put against the Corporation; thus driving it into dept. Presumably these expenses exceed the income of the track. Employee salaries would be part of these expenses. Then when an injury occurs and a lawsuit is filed; there's simply nothing to get. The Incorporated track is in debt, and Insurance is not available. This strategy was explained to me by a lawyer. I'm sure there are many more elements required to ensure it's legitimacy. Bottom line is I would recommend retaining the services of a good lawyer in order to position yourself to be insulated from any lawsuits. It's unfortunate that we live in such a litigious society; but you have to plan for the worst and hope for the best. Good luck. [/QUOTE]
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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
Opening an MX park for public use-what are the pitfalls?
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