LLC vs Sole proprietor

LLC does in fact protect you the same as being incorporated does UNLESS the attorney involved can get the judge to "pierce the corporate veil". In that instant, you can have your personal assets attacked which holds the true being incorporated. Also, in an LLC you can choose to be taxed as an S-corp or a C-corp just like being incorporated. The difference in being incorporated vs an LLC is about how many members are part of the business and how you pay your share holders. IIRC, once you hit either 50 or 100 members, you must incorporate. As a sole proprietor, you have 0 protection against being sued personally.

Op, you really should visit an actually attorney that handles these to see which one best suits your scenario and not rely on a forum please.

Here is a condensed explanation that may help you as well

Corporations vs. LLC's Asset Protection Attorney | The Presser Law Firm, P.A.

 

LLCs absolutely DO protect the shareholders from personal liability. It will not stop the driver from going to jail or from being sued nor will it protect the assets inside the Corp.

The way you do this is have minimal assets in the Corp and minimal assets owned by the driver. Profits from The trucking company is paid to another Corp owned by the same shareholders that own the trucking company. A privately held Corp is not required to disclose the shareholders therefore they are anonymous and nobody knows who to sue. The driver (and clandestine owner) may me sued but the Corp could pay for his defense and the money in the other Corp would be there for his family if he was sent to prison.

If anyone thinks a LLC doesn’t protect the owners then I challenge that person to tell us who owns Castellano 03 Trucking LLC and why they haven’t been sued even though their driver killed 4 people in Denver last April and facing trial on 41 counts

 

A quick Google search turns up Yaimy Galan and Rafael Perez.

 

Quote the link please

 

https://www.manta.com/c/mhqpkvd/castellano-03trucking-limited-liability-company

http://www.hoovers.com/company-info...mited_liability_company.2f591d02e523fc1a.html

texas dot – justruckin

 

And when you do a background check on her name these two residential addresses match both addresses that come up when you search the company name. And I’m just some dummy with time to kill. Think of what the lawyers can do once the criminal trial is over.

 

From the Texas Secretary of State website.....sos.texas.gov
“How can I find the ownership information for a business entity?
Corporations:

The secretary of state does not maintain any information on a corporation’s shareholders, with the limited exception of a close corporation; however, we do maintain records of an entity's registered agent and registered office address.

Limited Liability Companies:

The secretary of state does not maintain any information on the ownership of a LLC. The secretary of state has information on the initial members of a member-managed LLC. We also maintain records of an entity's registered agent and registered office address”

 

Does this not apply to her? And Google told me that a managing member has ownership of the company.

 

Q. Did the shareholders of Walmart get personally sued when their driver killed the comedian?
A. No

Q. Did the shareholders of Werner get personally sued for the fatality in Texas last winter?
A. No

And, I predict, Neither will the shareholders of Castellano 03 Trucking LLC

 

Are Walmart and Werner LLC’s? It makes no difference to me if she gets sued or not. I was bored and winding down before bed so all I did was google stuff. I would think that once the driver is found guilty on some or all of the counts against him then it would be easier for lawyers to go after her. It’s a little easier to connect the dots as to what’s going on with her LLC than it is to track down every shareholder of your previous examples.

I don’t really know or care enough about LLC’s to jump through a bunch of hoops to try and protect my stuff. If I ever screw up that bad they can have my truck and cows and everything else.

 

In theory it applies to her but I am told that it is extremely rare for corporate officers to be charged. It has happened though......Ken Lay of Enron fame comes to mind