If my business got sued and it lost, am I personally responsible for the assets? Is there a chance I could go to jail? Of course I don't want to be sued and I don't think I'll be sued but I want to know the worst case scenario. Is it that my business goes under or that I may have to pay out of pocket ect.
This business will be a website that
- allows people to post videos and charge money for them
- The business will take a certain percent of the money
I plan to do everything on my own and do not want to include anyone in this business. I live in Michigan, United States.