......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
LLC vs Sole proprietor
Discussion in 'Experienced Truckers' Advice' started by Gunners1, Aug 6, 2019.
Page 3 of 3
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
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.
-
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. -
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
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 3 of 3