Personal or business

It would be best to speak to your accountant and lawyer about your circumstances. However, in general terms I have always recommended that they should be in a business for the primary reason of distancing any potential liability from you personally. In some cases having the assets in a holding company which then leases them to an operating company may be the way to go. It won't make much of a difference if you do something grossly negligent, but it should minimize anything less than that, should it occur. Potential liabilities can include accidents, business or financial incidents.

 

I know a driver who went through a level1 2 weeks ago in KS .
The cab card of truck showed truck owner personal name. (aaaa)
The MC authority certificate showed the business name (bbbb

company was given a violation for no possession of letter that shows (aaaa) was leased to (bbbb) even thought they are one of the same.

I myself never had an issue in this same scenario and never have been asked for lease letter so ymmv.

just something to think about

 

My buss consultant/ accountant told me to register my truck and trailer in the corp. name once I became incorporated. Before as a sole proprietor it made no difference as you were one in the same.

 

by business do you mean corporation? Just a business will not work. A corporation can protect you some especially if you have drivers that you have hired. But if you are the driver and you are found to be negligent the corporation and the driver can and most likely will be sued. You cannot separate yourself from negligence. One more layer of protection you could pursue but may be extreme would be to put all of your assets into a trust.