Whats the point of getting your LLc if you are lease on with a company?? Jus asking

It"s to protect your personal assets

 

Doesn't work that way.

Image you made and sold pizza to walmart. Walmart is the company. You are just a small business man. If your pizza made people sick, it won't be walmarts fault but yours.

 

Only when loaded not to say which non trucking insurance you need.

 

You are the driver, a LLC or any other corp will not protect your personal assets because you will be sued as the driver as well as the LLC.

Drivers, please read a book titled "Own your own corporation" it is part of the Rich Dad series and was written by a lawyer. It explains how all this works in very easy to understand terms and is a big eye opener. Just like many think you open a Nevada corporation to avoid your local state income tax. Does not work that way. Actually causes more work.

OP... It is of no benefit to you at all. Who it is a benefit to is the company you are leased on to. This is how they get around the whole 1099 vs Employee thing without any questions. This is because they are "officially" dealing with a corporation that is it's own entity instead of dealing with an individual driver. This way the IRS cannot nail them for misclassifying drivers as contractors instead of employees. You can't classify a LLC as an employee.

 

If you hurt someone, they can sue and take everything the LLC owns...Not what you own personally
LLC helps you keep your house if you fall asleep and plow down a family of 7 riding in a smart car..
Def LLC it....

 

NO! It does not. In that scenario the only thing that will keep them from taking everything you have now and in the future is for you to be killed. That is because once you are dead your stuff is no longer yours.

Ever see multiple defendants in lawsuits?

What will happen is that the LLC will be named in the lawsuit and the driver will be named also. You have absolutely no protection if you are the driver.

Say you have drivers in your truck(s). The other big mistake people with LLCs, or any other type of corporation, make is not keeping finances separate. If you even buy a pack of cigarettes using company funds you have now commingled company and personal funds and lawyers can "pierce" the corporate veil of protection.

Please educate yourself and quit spreading these false facts. Many people have lost everything because they did not educate themselves properly.

 

This is a very common misconception that is completely false. Cnsper outlined the truth well so I won't go any further.