wallytrucker1
Expert Expediter
I am looking at establishing an LLC. Have any of you used someone or a company who you feel good about referring me to? Thanx for any help.
llc
- Thread starter wallytrucker1
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Tennesseahawk
Veteran Expediter
The roundtable at truck.net has a section specifically about making a business and getting your authority. It's run by accountants and other business professionals. I would start there.
kwexpress
Veteran Expediter
KW Express
o/o till i die
WHY DELAWARE?
The State of Delaware is a leading domicile for U.S. and international corporations. More than 500,000 business entities have made Delaware their legal home including 300,000 corporations and 200,000 limited liability companies and partnerships. More than 50% of all publicly-traded companies in the United States including 60% of the Fortune 500 have chosen Delaware as their legal home. You too can capitalize on the instant credibility that a Delaware corporation provides.
With Delaware, you also get:
Low filing and franchise tax fees
Director, Shareholder and Officer anonymity
There is no minimum amount of money required to be in the company bank account. Many states require $1,000. Delaware has no requirement.
You can be all of the officers of a Delaware corporation yourself
No state income tax for entities that do not operate within Delaware
No state inheritance tax on stock held by non-residents
An established body of law and specialized court that protects corporations.
Directors may fix any price on shares of stock that they wish to sell.
No presence required in Delaware - just need a registered agent here. You can form online, over the phone, by fax, or by mail!
The customer service oriented staff of the Delaware Division of Corporations
www.delawareinc.com
delaware is one of the few states that will protect you by not making your name a matter of public record.
If you want to remain unknown do not pay with a credit card.Ive set up several llc always print forms from a public computer ie:libary and mail a money order with the llc name as the remitter
o/o till i die
WHY DELAWARE?
The State of Delaware is a leading domicile for U.S. and international corporations. More than 500,000 business entities have made Delaware their legal home including 300,000 corporations and 200,000 limited liability companies and partnerships. More than 50% of all publicly-traded companies in the United States including 60% of the Fortune 500 have chosen Delaware as their legal home. You too can capitalize on the instant credibility that a Delaware corporation provides.
With Delaware, you also get:
Low filing and franchise tax fees
Director, Shareholder and Officer anonymity
There is no minimum amount of money required to be in the company bank account. Many states require $1,000. Delaware has no requirement.
You can be all of the officers of a Delaware corporation yourself
No state income tax for entities that do not operate within Delaware
No state inheritance tax on stock held by non-residents
An established body of law and specialized court that protects corporations.
Directors may fix any price on shares of stock that they wish to sell.
No presence required in Delaware - just need a registered agent here. You can form online, over the phone, by fax, or by mail!
The customer service oriented staff of the Delaware Division of Corporations
www.delawareinc.com
delaware is one of the few states that will protect you by not making your name a matter of public record.
If you want to remain unknown do not pay with a credit card.Ive set up several llc always print forms from a public computer ie:libary and mail a money order with the llc name as the remitter
wallytrucker1
Expert Expediter
Thanx for the feedback. There was a lot of useful conversation on the boards at truck. net.. Interesting site, hadn't heard of them before. Thanx again to both responders.
Do you have your own authority or are you contracted to a carrier ? If you have your own authority many states do not recognize an LLC from another state and if you do business in their state you will have to register as a " Foreign LLC". The liability in an LLC is not as limited as some people believe . If you are driving and have an accident you personally can be sued for negligence as well as the LLC and your home and other assets are not protected . If an employed driver had an accident then your personal assets wouldn't be in jeopardy .
Pappy
Expert Expediter
Find your home state government's website. All states have one. You can find info there on filing corp. papers for your state. I've filed numerous ones in SC and all for under a hundred dollars each. Had I used an attorney, the fees would have been 5 to 7 hundred dollars each for an LLC. You cna actually fill the forms out on line, then print them out and mail them along with a check to your state gov. All of mine took less than a week to receive corporate charters via return mail. Good Luck
Pappy
35 years OTR T/T
Pappy
35 years OTR T/T
jasonsprouse
Expert Expediter
I'm with pappy. At least in Ohio, an LLC is pretty easy to set up. About 15 minutes of paperwork, and a check for about $125.
One of the above posts talks about privacy, if that's a real concern you could go the Delaware route.... But to me it isn't an issue unless were forming a holding company for lottery winnings or something like that...
One of the above posts talks about privacy, if that's a real concern you could go the Delaware route.... But to me it isn't an issue unless were forming a holding company for lottery winnings or something like that...
G
guest
Guest
Be aware that most small businesses are "judgment proof", which means that any large judgment someone were to get against you would be impossible to collect because the net assets available to satisfy the judgment are just not that significant. Add to that the fact that many states have generous homestead protection and retirement accounts are generally outside the reach of creditors, and you may not be as juicy a target as you think you are.
Typically, the only reason an attorney is interested in taking a case is to get at the insurance company, not to get at your personal assets because they are not usually worth the trouble of going after them.
For people who want to set up LLCs, S-corps, or other business entities I would say do it if it makes you feel more secure, but make sure you really understand the ins and outs of the actual protection you are getting by setting up these entities.
A vague feeling of security is not helpful if, for example, the most valuable asset you have that is not exempt from creditors' claims under state law is your truck and your truck is not shielded from creditors' claims because it is owned by the LLC and not by you personally.
People with significant liquid assets not held in retirement accounts probably benefit the most from LLCs and other asset shielding business entities.
Just some things to think about.
Typically, the only reason an attorney is interested in taking a case is to get at the insurance company, not to get at your personal assets because they are not usually worth the trouble of going after them.
For people who want to set up LLCs, S-corps, or other business entities I would say do it if it makes you feel more secure, but make sure you really understand the ins and outs of the actual protection you are getting by setting up these entities.
A vague feeling of security is not helpful if, for example, the most valuable asset you have that is not exempt from creditors' claims under state law is your truck and your truck is not shielded from creditors' claims because it is owned by the LLC and not by you personally.
People with significant liquid assets not held in retirement accounts probably benefit the most from LLCs and other asset shielding business entities.
Just some things to think about.