LLC vs Sole proprietor

Discussion in 'Experienced Truckers' Advice' started by Gunners1, Aug 6, 2019.

  1. rank

    rank Road Train Member

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    ......personally I am surprised the media hasn’t dug up the names of the officers and owners. The fact that they haven’t makes me think what I was told is correct.....ie. nobody knows for sure
     
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  3. SoCalRed

    SoCalRed Medium Load Member

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    If you are the driver it makes no difference if LLC, Corp. or SP. You will be named in the lawsuit along with your LLC or Corp.
     
  4. Ridgeline

    Ridgeline Road Train Member

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    Rank, I don't know about that case, but I do know about the ones I have been involved with and each and everyone had no protection of assets because of the situations I have mentioned many times before.

    When you operate the truck, and own it your protections diminish with the amount of responsibility you have.

    When you are a fleet owner and run the company without written policies or allow bad behavior with no mitigation, the risk is high and the protections are equally diminished.

    This industry isn't like a baker's or candle stick maker's but unique in so much that it is high risk with high liabilities no matter what the service is provided to a customer.

    In the OP's case as I mentioned, the LLC would not be the best, S or C corp would be and allows more latitude to lessen tax burdens because of the family involvement.
     
    wis bang and Long FLD Thank this.
  5. rank

    rank Road Train Member

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    Feb 11, 2010
    50 miles north of Rochester, NY
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    Are you sure we're talking about the same thing?
    I never said there was protection of driver's assets.
    I never said there was protection of company assets.
    I never said it would keep a driver out of jail.

    If shareholder's personal assets were on the table every time a corp killed someone, nobody would by equities. If this were the case, you couldn't give me free shares in any company in the transport sector. I hold shares in XYZ airlines and I lose my house because they crash and kill 400 people? I don't think so. But will the airline get sued? Absolutely.

    I think you said you have sued a corporation in the past? In your case, I'm willing to bet you sued the company and driver but did not sue for the personal assets of the company's owners. Would I be correct?
     
    Last edited: Aug 10, 2019
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