mistermagoo
Registered User
- Messages
- 14
Hi Guys,
Hypothetical situation for you...
Suppose I set up an ice cream selling brand called Tom and Jerrys Ltd. The business does well and I withdraw the profits as salary each month paying income tax etc and put some into a pension.
Then at some point, the owners of the Tom & Jerry cartoon decide that my name infringes on their copyright etc and they sue me for millions. My company loses the case (or can't afford to go to court with them) and gets shut down and pays what profits it has left over to Warner Bros.
What I'm wondering is if the money I have previously withdrawn as salary, paid tax on etc is now 100% mine as an individual and safe from legal action or can Warner Bros come after this too claiming it's money that was made via infringing on them? I realise if I were to suddenly withdraw the years profits as salary in the event impending litigation that might be improper, but supposing I'd been extracting profits on a monthly basis all the way along, would that money be 100% safe in the even of legal action?
Any opinions on this would be much appreciated!
Thanks
Hypothetical situation for you...
Suppose I set up an ice cream selling brand called Tom and Jerrys Ltd. The business does well and I withdraw the profits as salary each month paying income tax etc and put some into a pension.
Then at some point, the owners of the Tom & Jerry cartoon decide that my name infringes on their copyright etc and they sue me for millions. My company loses the case (or can't afford to go to court with them) and gets shut down and pays what profits it has left over to Warner Bros.
What I'm wondering is if the money I have previously withdrawn as salary, paid tax on etc is now 100% mine as an individual and safe from legal action or can Warner Bros come after this too claiming it's money that was made via infringing on them? I realise if I were to suddenly withdraw the years profits as salary in the event impending litigation that might be improper, but supposing I'd been extracting profits on a monthly basis all the way along, would that money be 100% safe in the even of legal action?
Any opinions on this would be much appreciated!
Thanks