Hey guys so I currently have one of my trucks in my personal name and I’m getting ready to title and register another but I’m not sure what the benefits are of having it under my business name. I’m sure there are some I just don’t know what they are if anybody could give me some advice on this I would appreciate it. Thanks in advance
Truck in personal name vs business name
Discussion in 'Ask An Owner Operator' started by Mcast3092, Jan 31, 2022.
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Depends on the business ask a lawyer.
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Start an LLC, relieve your self and your property of anything there is really no difference between DBA and a LLC
Mcast3092 Thanks this. -
I have an LL
i have an LLC now but when I bought my first truck I didn’t so I guess I would have to transfer them again? -
Registering it in a business name is always best, as you are protecting your personal assets Having your truck registered to yourself makes it easier when someone files suit against you to go after your personal property.
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Do you know what would be required to do so? I would imagine a few forms of proof of address.
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Get a good lawyer, let them look at your situation and decide what form of business.
remember, person asset protection doesn’t happen if you are an owner operator.wis bang and blacklabel Thank this. -
LLC is only personal asset protection from creditors, not from liability suits, and if you plan on hiring employees or a business partner.
wis bang, ProfessionalNoticer and TallJoe Thank this. -
When I started, I opened an LLC under my business name in my home state. I honestly can't remember if they asked for the LLC paperwork or not. I know in my state they do require proof of residency. They want things like, electric bill, major credit card with your address, drivers license, bank statement. Maryland wanted 2 I think.
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Honestly, the best thing I can advise, is to pony up a few hundred bucks and approach a reputable CPA or attorney versed in trucking.
I could give you my 2c on here, but you're often better served paying a fee for concise advice.ProfessionalNoticer and Mcast3092 Thank this.
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