Truck in personal name vs business name

Discussion in 'Ask An Owner Operator' started by Mcast3092, Jan 31, 2022.

  1. Mcast3092

    Mcast3092 Light Load Member

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    Hey guys so I currently have one of my trucks in my personal name and I’m getting ready to title and register another but I’m not sure what the benefits are of having it under my business name. I’m sure there are some I just don’t know what they are if anybody could give me some advice on this I would appreciate it. Thanks in advance
     
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  3. Siinman

    Siinman Road Train Member

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    Depends on the business ask a lawyer.
     
  4. Spyro2112

    Spyro2112 Medium Load Member

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    Start an LLC, relieve your self and your property of anything there is really no difference between DBA and a LLC
     
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  5. Mcast3092

    Mcast3092 Light Load Member

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    I have an LL
    i have an LLC now but when I bought my first truck I didn’t so I guess I would have to transfer them again?
     
  6. bad-luck

    bad-luck Road Train Member

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    Registering it in a business name is always best, as you are protecting your personal assets Having your truck registered to yourself makes it easier when someone files suit against you to go after your personal property.
     
  7. Mcast3092

    Mcast3092 Light Load Member

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    Do you know what would be required to do so? I would imagine a few forms of proof of address.
     
  8. Ridgeline

    Ridgeline Road Train Member

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    Get a good lawyer, let them look at your situation and decide what form of business.

    remember, person asset protection doesn’t happen if you are an owner operator.
     
    wis bang and blacklabel Thank this.
  9. clausland

    clausland Road Train Member

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    LLC is only personal asset protection from creditors, not from liability suits, and if you plan on hiring employees or a business partner.
     
  10. bad-luck

    bad-luck Road Train Member

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    When I started, I opened an LLC under my business name in my home state. I honestly can't remember if they asked for the LLC paperwork or not. I know in my state they do require proof of residency. They want things like, electric bill, major credit card with your address, drivers license, bank statement. Maryland wanted 2 I think.
     
  11. blairandgretchen

    blairandgretchen Road Train Member

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    Honestly, the best thing I can advise, is to pony up a few hundred bucks and approach a reputable CPA or attorney versed in trucking.

    I could give you my 2c on here, but you're often better served paying a fee for concise advice.
     
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