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Put car under LLC for asset protection?

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  • CordMcNally
    replied
    I took it that he’s trying to protect his car from being in a judgement, not that he’s trying to limit where lawsuits stemming from the car can go.

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  • Hank
    replied
    Who is going to drive the car?  If you drive the car, you're personally liable for your actions, not limited to the value of your car.  If you entrust the car to someone else to drive, you are responsible for their acts.

    Could you form an LLC to own your surgical instruments, then limit your med-mal liability to the value of a scalpel?

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  • CordMcNally
    replied
    I’m sure others can give you a better answer to your question but, to me, you’re in the “overthinking it” category.

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  • Put car under LLC for asset protection?

    I am mainly a W2 employee but do some contractor work for a local medical insurance company which is 1099.

     

    Should I create an LLC and get paid from my side gig to my LLC? And is there any benefit to putting my car under my LLC even though I work from home? Not trying to claim a business expense on the car, just asset protection from my main job in case of a lawsuit. (I feel as though a lawsuit from my main job is more likely than from my side gig.)

     

    Is this a good idea?
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