I do not know, I wish we had a good connection as an industry to the executive branch but our reps are useless right now.
LLC doesn't always protect the owner, I know this firsthand. If there is negligence and serious abuse, then there is action from the court to pierce the wall of protection and attach all assets, personal and other businesses.
Does it happen often?
More than people realize and many cases are settled without going down that path.
I would love to see this wall vanish under FMCSA regs, making all officers responsible for some of the actions of the driver or responsible to the driver. But then it is just a dream, we need to fix a lot of other things first.
This is where I have my doubts that things will get fixed, it may be a case where something major needs to happen to get action out of this administration.
Get your spot now…
Discussion in 'Ask An Owner Operator' started by Lennythedriver, Nov 8, 2024.
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Just go to Paccar financial with your little LLC papers and try to finance a truck. Not happening.DUNE-T Thanks this. -
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TruckDriver87 and 201 Thank this.
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Say Bill takes $200,000 of his own money and starts a company. Over the next years he pays himself a 'reasonable salary' and takes profits out of the business in excess of the $200,000 he initially invested. When the business fails, it's debts are greater than it's assets. Bill is not liable for the shortage, the creditors cannot force him into personal bankruptcy. -
Your opinion causes you to ignore my point that NO ONE, not a bank, not a vendor, not a credit card company, will lend an LLC a significant amount without a personal guarantee until that LLC is quite large and well established.
The local Snap-on guy won’t even do it. If a small, new LLC goes under, only a few smaller outfits like the guy that cleans the offices will be out a few bucks. The bank will have a lien on the owner’s house as collateral for the SBA loan, and I promise you, the SBA WILL sell that house to collect.
Are there exceptions? Sure, there always are, but it’s very rare.Ruthless Thanks this. -
An LLC doesn't protect owner-operators from liabilities and litigation when there are accidents and/or damages. It is complex, the shielding only exists when there is no negligence or trying to game the system.
Not going to speak to fraud or other paths for abuse of an LLC which removes any shielding. -
thank #### i just want to see 2.50 diesel again. december 2020 will be forever engraved in my brain with the roads empty like a zombie video game and 2.75/mile loads and 2.50 diesel. it was so gd nice.
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