Why do so many people call a LLC a sole proprietor?

Don't do anything wrong and you won't have to worry about getting sued..

 

And what does that have to do with anything?

 

It’s not about protection for many that use it. It’s about not giving all those assets to the IRS needlessly.

 

Far from true, but I do admire your positive outlook.

 

LLC or Corporation offers personal asset protection in case your employee does something wrong. It is better to have it vs a partnership set up, where a wrongdoing of a partner could be also your liability. If a wrongdoing is on you e.g. you caused the fatal accident, they will be after all you have - 1 million liability may not be enough, especially, if they found out (and they always will) that you have substantial personal assets, paid for house for example - neither LLC nor Coporation is going to help you. "You drove it. You did it. You answer for it".
Other than that, for a solo owner op, it is only good for tax filling.

 

See what he meant about confusing??

 

LLC to s-corp. To avoid paying fica on all your money. ???

 

Glad I was right about LLC and sole proprietor having nothing to do with each other.. Someone should spread the word for sure..

It's easily provable S-corp and LLC don't protect personal capital and assets. This is why I'm wondering why low budget independents are starting corporations and LLC to go compete with mega carriers..If you don't have at least five years clean on a PSP it's kind of dumb anyway..

What are the cost savings for LLC or S-corp over sole propritor? It looks like we have a lot of people here who know what they are talking about, so we should have at least an approximate figure shortly..

 

Yes.

 

I was told that LLC will protect you if for instance you get audit and you have mega log violations and such.
But out on the road with you driving it is on you.
BUT I'm no ... well I'm a truck driver