2 names on title?

Look, I will tell you from personal experience, a limited partnership is really something you need to be careful of, you can lose big time if you are sued.

Ok get this out of the way, you never go into business with friends, most take a dump and take friendships with them.

that said, you can form a llc and have a split down the middle, then everything, I mean EVERYTHING that is related to that business entirely is in the company name. So that truck goes into the company name, the phones are in the company name and so on, everything.

If the guy won’t be willing to refinance the truck to get it into the company name, forget the idea.

don’t try to do a lease agreement for the truck, those get complicated alone.


By the way what is your goal?

Are you going to be driving or are you going to be one of those silent partners things?

with the up and coming changes of our industry, your business move may end up tanking quickly.

 

How to title to limit liability:
One of the benefits of creating a net worth statement is to determine what assets are owned, the value of those assets as well as who has title to the assets. Understanding how your assets are titled is a major tool to protect your wealth.

For instance, one of the most common misunderstandings for clients is who should own the cars they drive. For married couples the rule of thumb is for each spouse to individually own the car they drive. The reason for this is to limit liability in the event of an accident. Liability is assessed on the owner of the vehicle and the person driving at the time of the accident. If the owner and driver are one in the same liability can only be attached to that person. This shields joint assets from exposure to liability.

 

Doesn’t matter in some states. Texas for one is a common law state. You live with a person in the same household for a certain amount of time and the state and courts consider you “married” and everything becomes joint. Having both names on titles allows your spouse to retain or have access to everything after a death of the other without needing power of attorney or fighting for it in courts later. Same thing with bank accounts. The state will hold it until the spouse fights for it in court otherwise.

People die and can’t be buried because the spouse can’t get into an account for the funds to do so. Property gets held up for years in probate courts because someone who has rights to it and may by all rights partly own it but doesn’t have their name on the title of ownership to proove it.

Spouse, Family and Friends get screwed. All because someone is worried about being sued.

 

Correct, and the right way to do it, although with a certificate of death it can be sold by only you.

 

If you have a will that gives your belongings to your significant other there won't be a problem. You should also have a living will that grants the rights to someone you choose to make decisions for you in the event you are incapacitated.

 

I should have been more clear. That is what I meant. Of course if it has "or" then it does not matter.

 

You can put your name as a Lien holder. 2nd in place after the finance company. When the loan is paid off. You become the 1st lien holder. Keeps you less exposed to liability.
Not sure how you would structure rest of the business.

Get a lawyer to write up the proper paperwork.
Good luck.