LLC Registered agent and Boc-3

It is a good idea to separate the entities so personal stuff does not comingle with business or quasi- business. Maybe he will earn enough so that filing as S-Corp would save him on taxes. Maybe he will expand into an employer.
In Illinois, for instance, there is a requirement for a sole proprietorship to put an add in a paper for a week or two. I found it easier to form Corporation.

 

Ridgeline... Shouldn't it protect your personal assets from your business liability (assuming you don't co-mingle). Unless somehow a lawyer figured out how to sue you directly. Anything in the business is subject to being taken if the business was sued.

This is actually a topic I think about a lot. Especially with some of these mega lawsuits I've seen against trucking companies. What if you had an accident and they sued you directly and took everything you have?

 

An LLC used to have some tax advantages over sole proprietors but my accountant said they went away with the last tax changes. Registered agent tegs vary by state so you should check it before just using your own address. For example, in WA the registered agent must be present at the address M-F 8 to 5 except holidays and 72 hr notice to the state is required for any day that will have a variation. For complete compliance they about force you to have a commercial agent. OOIDAs boc3 is free for members but they dont cover the reg agent for an LLC.

 

For the good old American way of life, for the money, for the glory, and for the fun....

If you are driving a truck you own and get into an accident you are still getting sued whether truck is in llc or just your name

 

So how do you protect yourself? I guess hide all of your personal assets (home in a trust) and appear broke so that the lawyers won't be able to find it.

Thats whats frustrating about trucking. I do it because I enjoy it not because the money is great. BUT its really risky if you have any assets. There are so many laws you could break while operating or owning a truck.

 

Incorporate I believe.

 

Still doesnt protect you if you are also the driver.

 

You don’t, that’s the problem.

I as an owner but not a driver still carry a liability by owning and operating the company. I have insurance for it that exceeds any possible judgement against me.

One reason why I stress policies to address issues, contracts and so on to owners, limiting the liabilities that ambulance chasing scum lawyers look for if they look at the operation of the company to find crap they can screw you on.

what is really frustrating is the ease to get into this business, this allows problems to effect all of us with high insurance rates, dot inspections and so on.