Buying my first truck, should I form an LLC?

I personally do not think it really makes much difference.
Give it a few minutes and there will be several folks come on with hundreds of reasons to just not buy the truck. lol

 

I would just stay where your at especially if they pay for plates, insurance, and all the other stuff... Running your own numbers and LLC isn't worth it right now because of how the market is so flooded... Just stay where your at, its a lot easier..

 

I wouldn’t worry about it. There’s no real advantage doing an LLC unless you plan to own more than one truck or your net profit is higher than around $70k then I would do an LLC S-Corp.

 

I'll politely beg to differ here. An LLC protects your personal assets from litigation in the event of a collision. House, car, boat, personal bank accounts, etc can all be lost if you're part of a collision where injury/pain and suffering et.al. are awarded.

 

This is not really true.....

it only really protects if you have a hired driver in the truck. If your the driver and owner and the collision is your fault there is no protection for you from a llc......

 

That may be how it's supposed to work but how well does it hold up in court after you've hit somebody? What's to stop them from awarding the injured party what all that's worth and you can pay them over 20 years with interest or all at once? The only thing that's going to protect all your stuff is somebody with a crappy lawyer or somebody who doesn't see the need to ruin the rest of your life financially.

 

What kind of truck are you buying? That's the exciting part.