2 LLCs sharing same address

Discussion in 'Trucker Taxes and Truck Financing' started by sosa, May 3, 2015.

  1. sosa

    sosa Bobtail Member

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    My husband's friend has his own authority and asked us to use our address for his company, and has been doing it for about 2 months now. We also have an LLC but do not have our own authority yet. Is that going to give us negative consequences with IRS? Also, I have been told that if I want to get my own authority, DOT will not allow it.
    Thank you in advance for any information.
     
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  3. insertnamehere

    insertnamehere Light Load Member

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    I'm curious about this also.
     
  4. cnsper

    cnsper Road Train Member

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    Not at all. If you are concerned put a suite number on one of them.

    Heck you can be married and file separate returns and live at the same address. Your kids can file their taxes at your address if you do not claim them. Business entities are separate beings in the eyes of the IRS just do NOT mix any funds between business or personal accounts.
     
    sosa, double yellow and insertnamehere Thank this.
  5. Ridgeline

    Ridgeline Road Train Member

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    There are a few issues that you should be aware of, like if a creditor is trying to collect a bad debt and their investigator comes knocking on the door assuming that the place of business is run out of there and the assets are at that address, so they can drag you into court to recover their losses.

    I would have to ask why would anyone need to use an address other than their own as a company address?

    There isn't really a reason and if it is something to do with a lack of residency, then there is also another issue with licensing.

    An LLC is not what it is sold as for this industry by the way, the liabilities are still there if something happens and the assets that you own other than pensions/retirement can be taken.
     
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  6. Mark Kling

    Mark Kling Technology Contributor

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    Heard or called and spoke to them?
     
  7. sosa

    sosa Bobtail Member

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    <<An LLC is not what it is sold as for this industry by the way, the liabilities are still there if something happens and the assets that you own other than pensions/retirement can be taken>>

    Do you mind expanding on that? Even if the assets in that address do not belong to the company's owner?

    I really do not know the reason he is using someone else's address. He lives in the next door state. Maybe he is trying to save on taxes? No idea.
     
    AL_Dutch Thanks this.
  8. sosa

    sosa Bobtail Member

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    Yes we are in contact with them
     
  9. sosa

    sosa Bobtail Member

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    what about if I want to get my own authority? would DOT allow it?
     
  10. Ridgeline

    Ridgeline Road Train Member

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    Expanding on which part?

    The asset protection isn't there unless you are not driving, being the driver/manager/owner opens the door up for an investigation of your assets if you ever get into an accident, it just takes one shyster lawyer to figure out what you have and manoeuvre it into a settlement.

    The liabilities with the use of the address that is not directly connected with the person (renting or leasing or owning OR living there) is a problem because there is an assumption that the business is being operated out of that location and without a lease or any documentation of an agreement or rental or what ever, there is a possibly of the owners of the property can be dragged into a lawsuit that is caused by the other business. Its happened but what usually happens is that the owner(s) are cleared but there has to be a cost for legal representation.
     
    sosa Thanks this.
  11. double yellow

    double yellow Road Train Member

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    Want their mail going to a human rather than piling up for weeks at a time?
     
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