Posted by John T on June 11, 2011 at 08:58:55 from (173.243.189.183):
In Reply to: JohnT posted by tractorfixer1 on June 11, 2011 at 07:53:17:
Okay, I dont practice at all in this area, I think Mike or Dean may to some extent, so my opinions are worth just what youre paying NOTHING..............
That being said, an advantage of incorporation or LLC is to provide some degree of protection against liability BUT ITS NOT IRON CLAD and the smaller your company and the more youre actually involved in the hands on day to day operation the more you may still be liable regardless. If you incorporate then there could be some double taxation consequences, BOTH corporate as well as your own individual income as a corporate employee.
I think if I were a small businessman in a service business ID CONCENTRATE MORE ON GOOD LIABILITY INSURANCE in the event your negligence causes harm to another. Theres more expense and headaches in incorporating AND YOU STILL NEED LIABILITY INSURANCE ANYWAY.......
Liability is the main concern and insurance can reduce that risk to you personally.
I like the sound of your idea and business but if one of your company trucks is involved in an accident and the truck owner (you or your coproration) are at fault, they're coming after you (or corporations) and any of your (or corps) assetts and its the deep pocket (usually insurance) theyre lookin for.
Hows this sound for free only semi educated (NOT a business attorney) advice........
Start on your own BUT ONLY AFTER you purchase good blanket liability insurance and thennnnnnn if successful you consult a local qualified business attorney about the advantages and drawbacks of LLC or Corportation instead of lay advice on a tractor forum???????????????
This gonna be a sole propietership or partnership??? A partnership is one ship that often dont float rememebr lol
Best wishes n God Bless, I hope you make a go of it and at least youre asking good questions indicating you have a plan or are at least developing one.............
John T Only a "semi retired" "Country" Lawyer mind you
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