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Create seperate corparation to reduce company liability

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willz71

Guest
trucking in texas. i own a small trucking company that services only one metro area direct with our equipment. we are work more like a freight consolidator, then load owner operators to transport full load to other cities in texas, as well as other states.. we are now purchasing line-haul tractors to do ourself and find that since these trucks are provideing a different type service , we may want to form them in another corp. to seperate them and their reqirements in ins. cargo to pervent use from having to place the same policies on our previously owned fleet. also trying to protect original company from libility issues from new fleet. rather lose some than all.. is this a good ideal and does the company owners need to seperate themselves from the new company?
 


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loku

Guest
What you suggest sounds like a very good idea, and something that is fairly commonly done for the same reason. However, to protect you from personal liability, the corporation must be adequately capitalized and the corporate formalities must be followed. Also, you could consider forming a Limited Liability Company rather than a corporation, there are some advantages.

However, if you want to be sure that you are protected from personal liability, have a corporate law attorney structure the new corporation. That way, you will know you have complied with all the requirements.
 

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