Get your spot now…

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.

 

I'm sorry, but I have to call a giant BS to the allegation that people that own LLC's walk away Scott free from business failures. Owners of larger companies, say 75 employees and up, maybe. Smaller companies will find it pretty much impossible to get into debt without signing personally on any loan docs. Very few suppliers will extend credit without someone signing for it personally. Unless you are a 10 million $ plus company with a long established track record, lenders aren't going to step up to take that risk.

Just go to Paccar financial with your little LLC papers and try to finance a truck. Not happening.

 

I agree, that's what I am saying, an LLC doesn't afford the protections as much as an S/C corp does not under certain circumstances.

Nope not even larger companies, there is always a liability to owners/officers.

That's true but I am talking about criminal/civil liabilities, not financial.

 

All I know is there's hope instead of despair. We'll all have to wait and see

 

And I agree; I was also responding to @gentleroger claim that LLC’s allow business owners to walk away from a failed business without financial repercussions. That’s a political statement, not a factual one.

 

In a properly structured LLC, directors and owners personal assets are shielded. Provided the owner hasn't commingled funds or done something else to pierce the veil, any debts remain with the company. The only fiancial repcursions for the owner is loss of the invested capital.

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.

 

Again , that is a political narrative, not a realistic one.

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.

 

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.

 

If you were pulling for 2.75/mi and happy in dec 2020, I would hate to see what you deem "acceptable"