If you are the driver it makes no difference if you're llc or sole proprietor.
Llc would help you in the event of your hired driver having an accident. They'd sue your comany and the driver.
But leave it to a lawyer to figure out how to gut you like a fish...
Average startup cost?
Discussion in 'Ask An Owner Operator' started by cvnorton, Feb 20, 2018.
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Trucking Jobs in 30 seconds
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Yeah if my wife decides to drive I guess she'd technically be a hired driver since the company would be in my name only.
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Are the large assets in your name only as well? House, cottage, cars, boats, etc. ?
They would probably still get you since most of all that is jointly owned usually...cvnorton Thanks this. -
I started with 15k 8yrs ago.
cvnorton Thanks this. -
At the moment we don't have any joint assets as we haven't combined assets yet and haven't made any major purchases together.
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Another route to consider....
Company driver at a GOOD company. But you will have to shovel a metric ton of crap to find that diamond. Fair warning and all that.cvnorton Thanks this. -
You forgot about the 45 day float...and the trailer. Also new as of this year, insurance is 50%down and 50% after the 1st month
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Wait, whaaaat??? Thank God I snuck in late last year....Aces-N-Eights Thanks this.
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There are tax differences. My accountant told me to start off as an LLC. After 6 months or so you can reclassify as an S Corp. Will look at it again in a few months.cvnorton Thanks this.
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I've sued llc and the owner a couple times and there is no protection.
When you are an operator and owner, you are liable for everything and your assets except your pension is up for grabs.
The llc was designed for retail and manufacturing, not a high risk business like trucking.
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