How do you set up your ins. and title the truck when going LLC?

Discussion in 'Ask An Owner Operator' started by Estrella, Dec 25, 2018.

  1. Estrella

    Estrella Bobtail Member

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    Dec 19, 2018
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    Merry Christmas everyone? When forming LLC under who’s name the title and the bobtail insurance need to be? it is under my name or under my company name?
     
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  3. mugurpe

    mugurpe Medium Load Member

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  4. Ridgeline

    Ridgeline Road Train Member

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    What are you forming the llc for ... asset protection or tax reasons?
     
  5. Estrella

    Estrella Bobtail Member

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    Dec 19, 2018
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    Merry Christmas! Thank you so much for your quick response. It is a for asset protection I guess It will be fine if the title and the bobtail insurance will be under my Company name. Im going to work under someone else authority so they are the one that are going to provide the liability insurance under their name with the DOT number etc the only thing that im going to get is the bobtail insurance.
     
  6. Pepper24

    Pepper24 Road Train Member

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    If you are the one driving the truck how does an LLC protect you’re assets?
     
  7. Estrella

    Estrella Bobtail Member

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    Dec 19, 2018
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    Hello:

    Im the owner of the truck but I hired a driver.
     
  8. Estrella

    Estrella Bobtail Member

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    Dec 19, 2018
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    Im not planning to drive the truck.
     
  9. Ridgeline

    Ridgeline Road Train Member

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    But you are managing that truck so you are still liable for anything that driver does.

    the only real way an LLC works in this industry is if you do everything to manage the driver and the company by having policies for everything and keeping on top of the driver.

    AND because you have no experience in running a business like this, I would recommend you really think hard about going forward, it isn't all that simple to just put a driver into a truck.
     
  10. Estrella

    Estrella Bobtail Member

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    Dec 19, 2018
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    Hello I understand what you saying. Im planning to work under someone else authority I already got a contract with them. The truck is going to be under their insurance liability the only thing that I need to get is the license plate and the bobtail insurance under my Company name.
     
  11. Ridgeline

    Ridgeline Road Train Member

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    I get that but there is no blanket protection of your assets just because you are working under another's authority, you still have a responsibility as a company owner/manager to the liabilities that are created by your driver, this is where an LLC fails to protect your assets.
     
    Midnight_tim Thanks this.
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