Landstar?

The purpose of an LLC is to protect your personal assets in case you get sued. It really doesn't have anything to do with whether or not you lease.

Keep in mind LLC is purely a state designation. The IRS will sill require you do decide if you want to be taxed as an individual or as a corporation. The Feds don't recognize "LLC".

If you finance a truck the finance company may require you to incorporate, depending on your personal credit history. It's a way of preventing you personal debts from placing their collateral in jeopardy. The liability segregation works both ways.

 

An LLC will not protect your personal assets if your the only one in it.If your operating the truck you the LLC and the company your leased to, can and probably all will be sued.Really the only advantage to do it might ba a tax advantage you would have to talk to a tax guy not someone selling LLC

 

The only tax advantage would be if the LLC is declared as a corporation for tax purposes, in which case one could just setup a corporation. LLC's are not recognized by the IRS.

 

Hello my husband is interested in Landstar... Is there something like errors and omissions for truckers in case of a lawsuit?

 

Llc taxed as s-corp has less paperwork than a straight up s-corp.

 

LLC will not stop you from being sued your assets. I run as a sole proprietor.

 

LLC..has a tax advantage of paying no social security after a certain point. You pay yourself a reasonable salary, which you pay both sides of social security on. Then above and beyond you don't pay social security on your profits. If I remember right making around 60 to 70 is where its more cost effective to form an LLC. Tax prep is Lord with an LLC and the docs to set it up.

I haven't set up an LLC myself, so this is from opinions of what I read.

 

A good trucking accountant will also let you keep more of what you make, especially when they know where the juicy deductions are