How to transfer my trucks IRP to the company I own?

Just write a lease agreement stating your leasing the truck to your company. That allows your company to tag it and if your in an accident they come after the company, but can't take the truck since your name is on the title. An you can wait til your tag is getting close to expiration to retag using your company. You may get questioned in a traffic stop, but just tell him why or play dumb. I still have the tag from the guy I was leased to on my truck with my own authority. The guy I had set it up said it was ok until I retag then I need to tag it in my company's name instead of his.

 

Bull ####! I really wish you guys would think first. If you are incorporated and the driver of the truck, nothing in your world is safe. You get sued as a company and as an individual.

 

I'm not incorporated ####### I have an llc limited liability coverage. That is the whole purpose of an llc to keep your personal safe from business unless you went using it properly or they win a lawsuit exceeding your company insurance them you have to foot the bill.

 

Once again, YOU have no protection if you are driving the truck. How many of these accidents that you hear about do you see that both the company and the driver are sued? That corporation or LLC does absolutely nothing to protect the driver.

And the LLC is not limited liability coverage, it is Limited Liability Corporation and you are wasting your money if you are driving the truck.

A corporation or LLC protects the assets of the owners with the exception of something happening because of their decision or orders. If the owner decided to dump some chemicals in a creek they would go after the company and the owner because it was his decision to do so, even if he ordered an employee to do it.

You guys need to read a whole lot more and get a better understanding of how all this works. Pickup a book called Own Your Own Corporation. It is part of the Rich Dad series of books and it explains it all really well.

The lack of knowledge and understanding is scary. You do what you want to but I sleep better knowing.

 

In the event of a wreck, the motor carrier who's authority you are operating will be sued. The owner of the truck/employer of the driver will be sued. The driver of the truck will be sued.

If you drive the truck, NOTHING you do will "protect" your personal assets from a lawsuit because you PERSONALLY are the driver of the truck.

Forming an LLC (or any other corporate entity for that matter) ONLY protects your personal assets if the company owns the truck, pays you a salary, and hires a driver to drive the company's truck. If YOU are that "hired driver", again, your personal assets are still at risk because you personally will be sued as the driver.

 

That is correct ^^^^^^^^^^^^^

 

All true.

My wife's ex husband was in shipping and was put out of business after being sued,. both personally and the LLC.

Hurst

 

I don't have the answer for you but I believe that yes you would have to pay it again.