Getting your LLC yourself? Where did you get yours?

Yes, if you drive the truck and the company is an LLC you're still losing anything in your name. Thats why nothing is in your name, its in separate LLC's and your truck should be owned in a separate LLC leased to the LLC that runs it. There should be no assets in your name or the name of the trucking company. Its called asset protection.

 

Friend of mine bought a truck last year, his attorney established a LLC S-Corp. Not sure on the details, he just gave a brief explanation of it over the phone. But according to him, he is recognized as an employee while driving the truck. He pays himself on a salary. Anyone familiar with this? I'm just rather curious here

 

There is no asset protection, it is all a lie.

 

There is asset protection- It's what we call having appropriate insurance to handle any and all catastrophies....

Last Attorney said ":I know,Life happens...We'll get this subregated,Relax"

 

I do this.. mine is a LLC-Partnership though. I pay myself a paycheck every month for tax reasons... Life sucks sometimes but there really is no 100% protection... if you pay your bills and get out of debt you wont need that protection

 

I work in collections in a previous life, judgment collections I should add.
Both sides are somehow correct. A LLC or Corporation will not add any protection if you are also the driver. However can make it difficult for the other party to collect.
Getting a judgement and collecting on it are two diferant things.
Remember we don’t have debtor jails. Just because a judge orders you to pay someone for damages it doesn’t mean you have to do it voluntarily. There are no consequences for not paying other than interest being added to the debt.
There are very few judgement collections attorneys and millions of unpaid judgements. Why do you think that is?
It is easy to collect from a big business, but collecting from an average Joe good luck.

 

Yep, there is no substitute for a good umbrella policy.

 

Interesting. Thanks for the knowledge

 

I didn't ASK for advice. The person that started this thread did sheesh get a life and some glasses.

 

Sheesh that post was from so long ago i had to reread the thread to remember what this was about.

Youre right you didnt, my mistake. You just said so many wrong statements so many times i guess i lost track of whose thread this was.