questions about starting a business

If your gonna be a single truck operator a llc is useless because anyone can sue the driver as well as the business. With other drivers, they could sue your business and that driver....the llc keeps the business from taking personal accets. If your the driver, since they can personally sue the driver, all your personal accets are up for grabs, llc or not.

 

Check the OOIDA website.

 

You would have to put your personal possesions(house, cars) in another corporation to protect those. One LLC for your company and one for your posessions

 

Or put stuff in a trust. Remember OJ did that. That is why he never had to pay for the lawsuit he lost

 

Still wouldn't work...as owner of the "personal business", that business becomes a personal asset. If your personally sued, they can go ofter you personal business the same way they go after any other personal property. LLC really only help in protecting assets if you dont drive the truck. If you do, your house is pretty much up for grabs if you kill someone.

That being said, many solo truck O/O run an LLC for tax benifits. If you make over 50K a year there are some tax benifits to an LLC.

 

All of that about the LLC is true but to a point. Just because you don't drive 'the' truck, doesn't mean your liabilities end and you can still be sued personally. There is no protection of your assets because you are an owner and manage the company. Even if you were in a corporation, there is a lack of protection against liabilities when it comes to negligence. Taxes are another thing, a straight corp may be the best thing, you can do a lot with one ... or two of them.

 

This is assuming you actually have assets. If you don't have two nickels to rub together do you really have to worry about people suing you?

 

Lol, I have a car with 300,000 miles on it, a pretty nice high end computer and a 37 inch tv lol. My assets are 2 trucks. Weather Im driving or not, my most valuable assets are all business assets.