Truck lost in Sandy, need advice. What would you do if you start again?

A corporation is a division of assets as it becomes an entity seprate from you, in a legal and financial sense. You may be asked waive the protections that a company affords you. I had to in order to start my fuel account as I have a personal guarantee on it. When you sign something for a corporation you are signing as an authorized representative.

 

You are wrong they don't take your house if you go bankrupt if you can pay for it. they reaffirm the loan. they don't take everything else either. I have filed bankruptcy twice the last time in 1999-2000, I kept my truck and tools and anything else I need to make a living. I kept the house the first time and two vehicles and my tools. Go ask a bankruptcy lawyer if don't believe it. You just add expense on yourself to Inc. with just one truck.
An accountant will tell you anything you want to hear and they want your money anyway.

 

Let me give you an example, I am a 1 truck operation but I am a C corp. Yes it is a little more paperwork but not as bad as you think. Corporations do afford you protection from liability if you follow the rules. I have a good accountant to keep me out of trouble. I don't have to pay myself entirely by salary, I can also take money by disbursements which are taxed at a rate of 15 percent. Go talk to a good accountant.

 

s-corp here. Do yourself a favor and definately go the route of corporation. It also allows me to own more than one business.