New to O/O
Discussion in 'Canadian Truckers Forum' started by Countrylivingtrucking, Jan 22, 2020.
Page 2 of 4
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
-
-
-
I incorporated as a consultant in 2004 (Ltd) and transferred that to trucking in 2016. It doesn’t absolve you of everything, when things go bad. But Atleast you have a chance to recover, and start again should the worst happen. Sole Proprietor, you’re on the hook for life.6rider Thanks this. -
If your incorporated they go after owner of company who just happens to be you.. liability isn’t the best reason to incorporate unless your a multi million dollar company .
-
You MUST incorporate, even if you own just one truck. The risks are too high if you don't, and something, anything, happens.
If your job is just painting a house, sole proprietorship may work well for you. If you operate heavy vehicles on a highway, you have to keep business separate from personal.
Mistakes can and do happen, even with the best owners, and the best operators.
I know we all think we can operate flawlessly, and some can... until there's a problem completely out of your control.
You can easily become homeless with a false claim... Maybe you bumped into someone, or maybe they bumped into you! On purpose!
Trust me... I have seen it. People see a big truck, they often see $$$.
Seperate your personal from the business, as it's only a matter of time before some leech comes after you for a few bucks...BigHossVolvo Thanks this. -
-
But the CRA can’t personally destroy you for life Ltd. You also can’t have your personal credit destroyed, over business credit issues.
Its not a “get out of jail free” card, but it’s a much better way to do business. If nothing else, it simply increases your options.not4hire Thanks this. -
Incorporating may or may not be of benefit to the owner op for tax reasons, and that's not a one size fits all answer at all.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 2 of 4