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Hi,
My name is Zeke and I am thinking of doing some scrapping on the weekends. If all you have is a truck & trailer and are a one man operation...do you need to get a LLC?
I have read alot on here and learned a bunch, Thanks for sharing. Hope I get an answer to my Question.
Have a good day.
All states and towns are different. So I recommend talkimg to your town first.
For example, in NH you would need to be NH DES certified to do any electronic scrapping.
LLC and licensing are two completely different things.
Just did a quocl google search and did come up with this
http://www.oregon.gov/osp/pages/metal_trans_certificate.aspx
They certainly are trying to put Curb Co. out of business in Oregon.................Quote:
Originally Posted by bpatnoe
An LLC is a Limited Liability Company. For a few hundred dollars you can create an LLC (type of business) that limits your personal liability so when you get sued you don't lose everything. You would also be registering as a business and getting business insurance. Most guys that do this as a hobby do not do this, but it's common knowledge if you are using a vehicle for a business (which the insurance company may argue) and do not have business coverage it is possible that the insurance company may not cover an accident. If you hit someone or something falls off the truck and damages another vehicle you could quickly be in a position to get sued for everything you have.
If you read the link posted by bpatnoe I'd be concerned how I could comply with the laws in Oregon. You could quickly lose any potential profits with the first ticket you get if you don't comply with the laws. It looks like you have a lot of phone calls to make.....
wow!
Although a LLC may offer certain personal protections nothing is ever certain in this "sue happy" world we live in. If you have insurance they should take care of costs involved in the case but if there is negligence involved you may find yourself on your own and possibly even facing criminal charges that will drain your $$$ even if charges end up getting dropped.
Nothing is certain but taxes and death.