2 names on title?

Hello, I have a question. I'm looking to become a limited partner to my friends trucking business, but I would like my name to be on the title of the 18-wheeler as well as his. I have had some trouble with this, as far as if the vehicle is already being financed I can't add my name to the title but if we purchase one what is the likelihood of me being listed on the title if I'm listed as guarantor? The reason I ask is because I've been told that the title needs to be in one person's name only (?)
Also, for a limited partnership agreement do I have to get an attorney? Or can I just create a contract myself and sign it in front of a notary?

 

You may be able to put a contractual lien on it? (After it gets released from finance) Idk

why don’t you guys make a separate operating agreement that gives you leverage to the truck?

or you guys could file a multi member LLC and title the truck in the companies name?

 

Based on the complexity of this business relationship, a lawyer should be your first call.

 

So if this guy runs over a family in an SUV and kills them you would also like to be named in the lawsuit since your name is on the title? Have you really thought this through?

 

this. 1,000 times this!!

also you need to be listed as an partial owner of the company & all equipment needs to be titled in the company’s name.

Joe & John own ABC trucking....all equipment is titled to and registered to ABC Trucking.

 

Personally I would look at putting it in the business name. You know, the corp you and your friend created for this venture.
Because if you didn't do that minor of a step, anything else you do is pointless.

 

True. At least you are one step further away from a personal lawsuit.

 

Can't be afraid of lawsuits because it doesn't matter. Past lawsuits have shown that lawyers will sue anybody that's even remotely involved. We've seen lawsuits that included the broker, the company, the driver, heck, even the trailer owner whenever the trailer itself was leased.

 

I don’t known why you can’t have 2 names. I’ve had titles listed as ‘John and Joe “ not “John and/or Joe”
Maybe just one address but not signatures are required to transfer title.

 

Both Me and my Wifes name are on all the titles of all the vehicles and equipment we own. Just like the house. Never had anyone say it’s not allowed. Heck When I was just getting my license at 15 my Mom’s name along with mine was on the title of my first car for a while.