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Forming LLC

Discussion in 'Ask An Owner Operator' started by Trucker1972, Mar 19, 2018.

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  1. Mar 19, 2018 #1
    Trucker1972

    Trucker1972 Bobtail Member

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    When forming an LLC who’s name does the truck get registered in?
     
    Trucker1972, Mar 19, 2018
    Trucker1972, Mar 19, 2018
    #1
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  3. Mar 19, 2018 #2
    Dan47

    Dan47 Light Load Member

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    It's up to you who will own the truck your LLC or yourself. I would put on my own name, who knows what would happen to llc.
     
    Dan47, Mar 19, 2018
    Dan47, Mar 19, 2018
    #2
  4. Mar 19, 2018 #3
    Ridgeline

    Ridgeline Road Train Member

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    The llc, but then why are you bothering with an llc?

    If it is for asset protection. It will not help.
     
    Ridgeline, Mar 19, 2018
    Ridgeline, Mar 19, 2018
    #3
    Trucker1972, runningman0661 and Justrucking2 Thank this.
  5. Mar 19, 2018 #4
    Trucker1972

    Trucker1972 Bobtail Member

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    Trucker1972, Mar 19, 2018
    Trucker1972, Mar 19, 2018
    #4
  7. Mar 19, 2018 #5
    Trucker1972

    Trucker1972 Bobtail Member

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    Yes to protect personal assets. God forbid anything happens going down the road and someone tries to sue.
     
    Trucker1972, Mar 19, 2018
    Trucker1972, Mar 19, 2018
    #5
  8. Mar 19, 2018 #6
    Justrucking2

    Justrucking2 Road Train Member

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    The LLC is for tax purposes, not protecting assets. If you get a 1099, it is best to have an LLC, they are easy to setup.
     
    Justrucking2, Mar 19, 2018
    Justrucking2, Mar 19, 2018
    #6
    Trucker1972 Thanks this.
  9. Mar 19, 2018 #7
    Trucker1972

    Trucker1972 Bobtail Member

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    is there a way to protect your personal assets beside signing everything over to someone else?
     
    Trucker1972, Mar 19, 2018
    Trucker1972, Mar 19, 2018
    #7
  10. Mar 19, 2018 #8
    kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    If you are the one driving the truck and have an accident, your llc will be sued. But so will you, personally, as the driver.
     
    kemosabi49, Mar 19, 2018
    kemosabi49, Mar 19, 2018
    #8
    Trucker1972, Justrucking2 and Dan47 Thank this.
  11. Mar 19, 2018 #9
    Justrucking2

    Justrucking2 Road Train Member

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    You are listening to to many commercials. If you screw up you are screwed. Talk to your insurance company, that is what they are there for.
     
    Justrucking2, Mar 19, 2018
    Justrucking2, Mar 19, 2018
    #9
    Trucker1972 Thanks this.
  12. Mar 20, 2018 #10
    runningman0661

    runningman0661 Road Train Member

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    The only time an LLC will help protect your assets, is if you hire someone else to drive your truck. If you are driving your own truck, and get in a serious accident, an LLC will do nothing to protect you.
     
    runningman0661, Mar 20, 2018
    runningman0661, Mar 20, 2018
    #10
    Trucker1972 Thanks this.
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