Inc. a name and leasing to a carrier..

Discussion in 'Trucker Legal Advice' started by lowjo, Jan 23, 2010.

  1. High Seas

    High Seas Light Load Member

    94
    54
    Dec 15, 2009
    Middle, GA
    0
    Not to be condescending here but trying to establish some basics. Do you know the difference between the three? Any online search can provide this if you don't , to explain it all here would be a lot of typing. Very basically all three establish and limit a company/owner liability for taxes, ownership, finances. Sole propiertorship put the total responsibility on the individual owner(s), a corporation limits this to just what is in the corporation and not personal property owned outside the corp. a LLC further limits but since I don't own one I can't elaborate.
    I've done both S. Prop. and Corp S , for me the S corp was much better for me financial and tax wise but it does limit what you could draw from Social Security if there is even anything there anyway. It also protects you individually from business law suits.
    Maybe this helps, you incorporate for about $500.00 an accountant can do this for you. Then you would have to abide by corporate rules for the company.
     
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