Ever think of Incorporating

[dabluzman1]

If you ever thought or just wondered about incorporating or maybe you are but it is confusing to you, here is a little info in what it entails.

One should note, and some find it funny ( because they just dont understand ) the issuing of stocks is noted in the Articles and no-where is it indicated one person MUST have 51% so they can BE DA BOSS......eheheheheheh, I think its so cute when....awww never mind , enjoy the info.

Forming a Corporation
Forming a Corporation in Ohio | Citizen Media Law Project

Here are the general steps you need to follow in order to form an corporation (specifically, a C corporation) in compliance with applicable laws. Make sure to consult your state page for state-specific details.

1. Choose a business name for the corporation and check for availability.

Please see our section on choosing and checking the availability of a name for your small business, as well as our section on the trademark law aspects of choosing a name.
As a general matter, the name must (a) contain the words "Corporation," "Incorporated," "Limited," or an abbreviation of one of these words ("Corp.", "Inc.", or "Ltd."); (b) not be the same as that of another corporation on file with the state; and (c) not contain words that suggest an association with the federal government or a restricted type of business, such as "Bank," "Cooperative," "Federal," "National," "United States," or "Reserve."
Although you are not required to do so, you should consider registering your business name as a federal and/or state trademark. Please see the Trademark for Business Naming section for details.
2. Recruit and/or appoint a director or directors for the corporation.

A corporation's board of directors makes the major strategic and financial decisions for the corporation, including authorizing the issuance of stock and appointing corporate officers. Some states require that directors be named in the articles of incorporation, while others allow the owners/incorporators (those filing the paperwork) to appoint directors at the initial organizational meeting. The minimum number of directors varies based on state law, but generally three directors are required, unless there are fewer than three shareholders, in which case fewer than three directors are permitted. (Note: If a corporation only has one shareholder, all states allow that shareholder to serve as the sole director and officer of the corporation.)
3. Prepare and file articles of incorporation with the appropriate state office, usually the Secretary of State.

There will be a filing fee, which generally ranges between $70 and $200 depending on the state, but certain states have higher fees (e.g., Massachusetts ($275) and Texas ($300)). See the state pages on forming a corporation for details on state filing fees.
4. Create the corporation's bylaws.

Bylaws set out the details of how the business will be run, who will make what decisions, when decisions will be made, and the like.
You are not required to file bylaws with a state office, but you should keep a copy at your principal place a business.
5. Hold an organizational meeting.

The owners/incorporators, or the initial directors if named in the articles of incorporation, should hold an initial organizational meeting to (1) appoint directors (if not named in the articles); (2) appoint corporate officers; (3) adopt the bylaws; (4) authorize the issuance of stock; (5) set the corporation's accounting year (fiscal year); (6) adopt a stock certificate form; (7) designate a bank; and (8) select a corporate seal.
Someone present at the meeting should record minutes of the meeting, and the minutes should be stored at the corporation's principal place of business.
6. Issue stock certificates to the initial owners of the corporation.

A stock certificate is a document that certifies ownership of a specific number of shares in a corporation. Generally, shares are issued to the owners in return for capital contributions (either in cash, property, or services performed), which become the business's original operating capital. A corporation's board of directors sets the price to be paid by shareholders in return for shares.
The corporation should record the number of shares issues, to whom they were issued, and the amount paid, in a ledger kept at its principal place of business.
Issuing stock potentially implicates federal and state securities laws. Fortunately, if the corporation will issue shares to ten or less people who will actively participate in running the business, it will qualify for exemptions to federal and state securities registration requirements. Complying with federal and state securities laws is complex and burdensome -- you should contact a lawyer for assistance if you contemplate an issuance of stock to more than a few people who will not be involved in the day-to-day affairs of the business.
7. Obtain any required local licenses.

As a business doing journalism, you are not required to obtain any federal or state licenses or permits relating to carrying on a particular trade. Most local or city governments, however, require every business to obtain a basic business license, sometimes called a tax registration certificate. You get this license from your city or county. The best way to get information about fees and procedures is to contact your county or city clerk's office or other local government authority. The local chamber of commerce and other small business owners might also be a good resource for information regarding local licenses and/or permits.
8. Determine what tax obligations the corporation has, and take care of any necessary registrations.

The corporation needs to apply for an Employment Identification Number from the IRS. There is no filing fee. You can apply for an EIN:
by submitting the required information online at the IRS website. The EIN is issued immediately once the application information is validated;
by telephone at 1-800-829-4933 from 7:00 a.m. to 10:00 p.m. in your local time zone; or
by mailing or faxing Form SS-4, Application for Employer Identification Number. Instructions for Form SS-4 are available on the IRS website.
The corporation likely will need to obtain a state employer identification number or account for tax purposes. You will also have to report any new hires as you make them. See the State Law: Forming a Corporation section for details on state requirements.
You should be aware that, as the owner of a small business, you may be subject to additional federal, state and local taxes and informational filing requirements, such as self-employment taxes and employment tax withholdings and filings. Please see the Tax Obligations of Small Businesses section for details.
Corporations pay income taxes on business profits, and a separate tax return on Form 1120 must be filed for the business. Please see the Corporations page on the IRS website for details.
9. Open a bank account for your business.

It is a good idea to keep your business's finances separate from your personal accounts. A good way to do this early on is by opening a bank account for your business. You will probably need a Tax ID number (EIN), a copy of the articles of incorporation, and a resolution identifying authorized signers if those names are not listed in the articles. Here is one example of the documentation that banks ask for.

Below is the Ohio Revised Code: ( FYI I am Inc. in Ohio )

1729.07 Articles of incorporation.
(A) The articles of incorporation of an association shall set forth all of the following:

(1) The name of the association;

(2) The association’s purposes, as permitted by this chapter. It is sufficient to state in the articles that the association may engage in any activity within the purposes for which associations may be organized under this chapter.

(3) The county and municipal corporation or township where the association’s principal place of business will be located which need not be within this state;

(4) The names and addresses of the incorporators;

(5) The number of its directors or a statement that the number of directors shall be as specified in the bylaws;

(6) The names and addresses of those who are to serve as directors until the first meeting of members or until the election and qualification of their successors;

(7) Whether the association is organized with or without capital stock.

(a) If the association is organized without capital stock, the articles shall set forth the general rules by which the property rights and interests of each member are to be determined.

(b) If the association is organized with capital stock, the total amount of the stock, the number and par value of the shares, and dividend rights, if any. If there is more than one class of stock, the articles shall set forth a statement of the number of shares in each class and a statement of the designations, preferences, rights, and limitations of the shares in each class.

(B) The articles may include additional provisions, consistent with law, including provisions that are required or permitted to be set forth in the bylaws.

(C) The articles shall be signed by the incorporators and filed with the secretary of state in accordance with section 1729.12 of the Revised Code. The articles shall be accompanied by the appointment of a statutory agent in accordance with division (B) of section 1729.06 of the Revised Code. The legal existence of an association begins upon the filing of the articles and, unless the articles provide otherwise, its period of existence is perpetual.

 

[zero3nine]

LOL @ ur backhanded stab at me.

Issuing stock has nothing to do with forming a corporation, that happens at the Initial Public Offering. As I inquired as to which state would let a corporation be formed without any party holding controlling interest, I'll assume this not-so-elaborate post was directed at me. I never inferred that it was impossible, I asked which state would allow it.

I am incorporated in the state of California. Lawyers are in the state of Washington.

What I find humorous is when people assume they read words other than the ones I have spoken or written.

Good information about Ohio, thanks!

 

[greg334]

Thanks Dabluzman for the info.

Actually Zero, issuing stock is an important step and if there are multiple partners in the organization, it is a required step. It serves a few purposes, one is liquidation of ownership while the corporation is viable and active.

For example, if I owned a fleet which is on with FedEx and didn't drive, I would be incorporated to protect my personal life but also because it allows me a liquid position. Say if I was going to sell the fleet and the new owner wants to keep it with FedEx, FedEx would not (actually shouldn't) qualify the new owner because the owner isn't relevant to the contracts in place. The only thing outside a NDA to open the books would be a stock sale from me to the new owner. If there are partners involved, then my share would be sold off but that would not affect the partners or the operation.

AN IPO doesn't happen with small businesses, they happen when there is a company with a threshold of assets and a marketable plan in place. If one was to consider the amount of money to take a private company public and being traded on anything above penny stock markets, it is in the millions. By the way the SEC and IRS does allow stock sales through any means with some limitations, it is not an IPO but rather private sales by advertising.

For those who are thinking about incorporating, a lot of lawyers will tell you that it protects you but it really doesn't. As an officer, there is a liability with decisions and operations that put you on the same level as a CEO who told his people to cover something up.

 

[goslow]

I am incorporated out of DE. and run my business out of OH. Just got to pay that one time fee to the secretary of state for OH. Works for me and I am all legal.

 

[blizzard2014]

I had a friend who claimed that he had erased the EO tab from his favorites; but it looks like he is back again. Nice name change from 60mph to go slow.

I'm not incorporated yet; but I might incorporate myself by the end of this year. I just filed form my MC number and I'm getting ready to hook up with a few boards.

I guess some people run out of people to talk to and feel the need to come crawling back to the flock. He he!

 

[Bruno]

We went LLC verse Inc or S corp. Here is something that will help others on which way to go.

Determining the type of legal structure for a new business can be daunting for entrepreneurs and small business owners. Corporations and limited liability companies (“LLCs”) are preferred business structures because, unlike sole proprietorships and partnerships, both offer liability protection. This means that the owner of a company cannot be held personally responsible for the company’s debts. The personal assets of an owner are shielded from company liabilities.
In researching the various business structures, one inevitably comes across the S corporation. S corps and LLCs are similar in that they are both “pass-through” entities for tax purposes; the income of these companies are passed through to their owners and reported on the owners’ personal income tax returns, thereby eliminating the double taxation incurred by owners of a standard corporation, or C corporation. (With a C corporation, the net business income is subject to corporate income tax, and the monies remaining after the corporate income tax are taxed a second time when they are distributed as dividends to its owners who must then pay personal income tax.)

So what is the difference between an S corporation and an LLC? And which structure is right for you?

The answer depends on your own unique situation. If operational ease and flexibility are important to you, an LLC is a good choice. If you are looking to save on employment tax and your situation warrants it, an S corporation could work for you.

Business Ownership & Operation

There are restrictions on who can be owners (called “shareholders”) of an S corporation. An S corporation can have no more than 75 shareholders. None of the shareholders can be nonresident aliens. And shareholders cannot be other corporations or LLCs.

An S corporationis operated in the same way as a traditional C corp. An S corp. must follow the same formalities and record keeping procedures. The directors or officers of an S corp. manage the company. And an S corp has no flexibility in how profits are split up amongst its owners. The profits must be distributed according to the ratio of stock ownership, even if the owners may otherwise feel it is more equitable to distribute the profits differently.

LLCs offer greater flexibility in ownership and ease of operation. There are no restrictions on the ownership of an LLC. An LLC is simpler to operate because it is not subject to the formalities by which S corps must abide. An LLC can be member-managed, meaning that the owners run the company; or it can be manager-managed, with responsibility delegated to managers who may or may not be owners in the LLC.

And the owners of an LLC can distribute profits in the manner they see fit.

Let’s say, for example, you and a partner own an LLC. Your partner contributed $40,000 for capital. You only contributed $10,000 but you perform 90% of the work. The two of you decide that, in the interest of fairness, you will each share the profits 50/50. As an LLC you could do that; with an S corporation, however, you could only take 20% of the profits while your partner would take the other 80%.

Employment Tax: Savings vs. Paperwork


A major factor that differentiates an S corporation from an LLC is the employment tax that is paid on earnings. The owner of an LLC is considered to be self-employed and, as such, must pay a “self-employment tax” of 15.3% which goes toward social security and Medicare. The entire net income of the business is subject to self-employment tax.*

In an S corporation, only the salary paid to the employee-owner is subject to employment tax. The remaining income that is paid as a distribution is not subject to employment tax under IRS rules. Therefore, there is the potential to realize substantial employment tax savings. Case in point:

Mary owns a print shop. In keeping with the industry standard, Mary decides that a reasonable salary for a print shop manager is $35,000 and pays herself accordingly. Mary’s total earnings for the year are $60,000: $35,000 paid in salary and the remaining $25,000 paid as a distribution from the S corp. Mary’s total employment tax is $5,355 (15.3% of $35,000).

If Mary were the owner of an LLC, she would have to pay employment tax on the entire $60,000, equaling $9,180. But as an S corporation, she realizes savings of $3,825 in employment tax.

One might assume that these savings could be further manipulated by reducing the salary to an extremely low amount and attributing the rest of one’s earnings to distributions—but this would be an incorrect assumption. In practice, the IRS is careful to notice whether a salary is reasonable by industry standards. If it determines a salary to be unreasonable, the IRS will not hesitate to reclassify distributions as salary.

Still, while the potential employment tax savings may make the S corporation an attractive structure for your business, bear in mind that you would then have to deal with all the paperwork associated with payroll tax. The payroll tax is a pay-as-you-go tax that must be paid to the IRS regularly throughout the year--on time, or you will incur interest and penalties. The paperwork alone can be an overwhelming task for someone who is not familiar with this; and if you expect to incur losses or otherwise experience a cash flow crunch during the year that would hinder you from paying the payroll tax when due, this could present a problem.

Owners of LLCs pay their self-employment tax once a year on April 15 when income taxes are normally due. Income tax filings are also relatively easy for the owners of an LLC: A single-member LLC files the same 1040 tax return and Schedule C as a sole proprietor; partners in an LLC file the same 1065 partnership tax return as do owners of traditional partnerships.

The comparison chart below sums up the similarities and differences between the two business structures:

S Corporation Limited Liability Company
Liability Protection Yes Yes
Operational Control Board of Directors/Officers May be member-managed or manager-managed
Federal Income Tax Pass-through Pass-through
Flexibility/Ease of Operation No; subject to some formalities and record keeping rules as traditional C corps Yes
Ownership Restrictions Yes No
Flexibility in Profit-Sharing No Yes
Employment Tax Employment/payroll tax on salary; no employment tax on dividends paid to shareholders Self-employment tax on total net income *

There is no one, magical entity that works for everyone. A CPA or a specialized tax attorney can assist you in choosing the right structure for your business. The important thing is to consider the operational, legal and tax aspects of each structure as they apply to your unique situation. I would get a good Lawyer that knows the laws in your state. Also if you have contractors sign a lease make sure your have them pay some type of equitment use fee for load locks, straps, Pallet jack. Also you can be considered an employer because you provided them with the equitment and don't change something for it. We had a lawyer go over our lease and it was worth it.

 

[dabluzman1]

LOL @ ur backhanded stab at me.

Issuing stock has nothing to do with forming a corporation, that happens at the Initial Public Offering. As I inquired as to which state would let a corporation be formed without any party holding controlling interest, I'll assume this not-so-elaborate post was directed at me. I never inferred that it was impossible, I asked which state would allow it.

I am incorporated in the state of California. Lawyers are in the state of Washington.

What I find humorous is when people assume they read words other than the ones I have spoken or written.

Good information about Ohio, thanks!

Wow, you make me sound.....almost scheming, devious...
well okay, you caught me.
Glad you like the info.
Drive safe

 

[golfournut]

Another major factor to consider is risk to assets. If you have considerable assets that would look attractive to attachment beyond the limits of insurance policies then a C Corp provides the best protect. Provided all the paper work is in order, primarily minutes of meetings and tax filings. A C Corp provides the greatest distance between personal assets and corp assets. Then comes S Corp, LLC then Sole Proprietor.

Your best bet, hire a vet! Please.

 

[jjoerger]

Florida makes it very easy to incorporate.
Just go to www.sunbiz.org - Home. Everything you need to do is on there.
My last business was a Chapter S corp. Since it is just myself and wife in this business we operate as sole proprietors. No real tax advantages to make it worthwhile to incorporate only having one truck and running it ourselves.

 

[greg334]

There is not that protection of personal assets if there is negligence.

All of them are the same, the laws are clear - officers of the corporation can beheld liable for the actions of their employees and actions of themselves.

IF you are driving or are directing someone to do something that endangers people or is illegal, you can be held personally liable regardless what form of company you have. This means with a good lawyer, they can rip your world apart even for a small amount of money.

Example - you own a fleet and you tell the driver to take a load that forces them to cheat on their log because they will be out of hours half way through the load. They get into an accident, and the people hurt found out that the person was told to take that load which caused them to cheat on their log, this opens the door for you to be sued.

Example - you are driving and you run into a person, killing them. The family can sue you personally, there is no protection of personal assets because you were in control of the vehicle at the time.

Where it helps is in the billing and cargo claim liabilities, they will sue the company not the person unless there is serious neglect.

I would consult a lawyer first, not a CPA about how to limit your liabilities than ask about forming a corporation.

 

[davekc]

Greg would be correct. Setting up a corporation doesn't protect or shield your personal assets. It adds a layer for a attorney to go through, but that is it.

 

[x06col]

Greg would be correct. Setting up a corporation doesn't protect or shield your personal assets. It adds a layer for a attorney to go through, but that is it.

And, the shielding of your personnal assets is directly depending on how cheezy you were when selecting a Counselor to hep ya out.

 

[golfournut]

If you're a one man band, then yes it would be hard to hide behind the corporate veil. If you have a safety dept. In place and following best practices, it would be real hard to break the crust of the corporate veil to attach personal assets, especially a C Corp. Typically law suites are against the corporation and not the officers. Not to say it has never happened, but more times than not the veil prevails.

It is all in the set up. You can have a divorce attorney incorporate you for $200. Would it hold up to the test? Probably not. A lawyer that does nothing but corporate law that sets one up, probably would. There us a lot more to it than just articles, bylaws and a seal.

Your best bet, hire a vet! Please.

 

[zero3nine]

Assets are easy to protect. Simply have more than one corporation. Corporation A has no assets. Corporation B has assets which are individually leased to corporation A.

Of course you need multiple insurance policies and it will cost you but how much does a lawsuit cost? Insurance can be tough to afford but a single lawsuit can wipe you out completely.

As far as shares are concerned, each of my corporations has 100 shares which are divided among the partners. There are no dividends associated with the shares so they aren't stock in the traditional sense. We can vote to create more shares but it would serve no purpose unless I wantes investors, which I don't.

Beholden to nobody, as I may have mentioned once or twice.

Personal assets are all the property of my Living Trust. The houses, cars and motorcycles included in that with my sons as beneficiaries and my mother and aunt as executors.

Sue me, you get the cash in my pocket... maybe. My lawyer stands in front of me on that. Liability issues are handled by my insurance company. Haven't had any accidents, incidents, or injuries yet so I will just go ahead and knock on some wood right now.

fired at you from my Droideka

 

[greg334]

Dude,
it don't matter how many layers of protection you think that can protect you, your lawyer if any good will tell you what mine has said a lot - there is no protection for the stupid.

My lawyer went after a rather well known guy in this region for a client this guy physically hurt and that guy had layer after layer of corporations, even Nevada ones and trusts. All the time there were traceable trails that gave a whole picture of his finances. By the time he was done, the cost the guy had in legal fees to protect him was a lot more than the lawyer wanted to settle in the first place which bled him until he settled out of court and this was all fine with the lawyer's clients who didn't care about the money but the punishment. The result ended up costing the guy a lot of money to fend off the moves in court the lawyer made, like discoveries of the Nevada corporations the guy held and was discovered during an investigation of bank records that was the court demanded and so on. After it was settled, he was investigated for fraud by the IRS which led the IRS to seize everything, including his living trusts and that costs even more money to defend him, all because he would not settle for a fraction of what it cost him in the end.

Now that is an extreme case but it is possible. The problem is many will read your statements and think that they can hide from responsibility but if you read corporate laws and get good advice, even if you have a safety department and other things, the CEO/COO is responsible for the actions of those below them and held accountable because of the small amount of revenue your produce. Even if you have a living trust, there are still ways that a court can tap that trust if you are sued by a good lawyer who sees these layers as a protection of big money.

Remember it is the appearance of money that makes people go after you, not the actual amount that you have.

 

[golfournut]

Dude,
it don't matter how many layers of protection you think that can protect you, your lawyer if any good will tell you what mine has said a lot - there is no protection for the stupid.

My lawyer went after a rather well known guy in this region for a client this guy physically hurt and that guy had layer after layer of corporations, even Nevada ones and trusts. All the time there were traceable trails that gave a whole picture of his finances. By the time he was done, the cost the guy had in legal fees to protect him was a lot more than the lawyer wanted to settle in the first place which bled him until he settled out of court and this was all fine with the lawyer's clients who didn't care about the money but the punishment. The result ended up costing the guy a lot of money to fend off the moves in court the lawyer made, like discoveries of the Nevada corporations the guy held and was discovered during an investigation of bank records that was the court demanded and so on. After it was settled, he was investigated for fraud by the IRS which led the IRS to seize everything, including his living trusts and that costs even more money to defend him, all because he would not settle for a fraction of what it cost him in the end.

Now that is an extreme case but it is possible. The problem is many will read your statements and think that they can hide from responsibility but if you read corporate laws and get good advice, even if you have a safety department and other things, the CEO/COO is responsible for the actions of those below them and held accountable because of the small amount of revenue your produce. Even if you have a living trust, there are still ways that a court can tap that trust if you are sued by a good lawyer who sees these layers as a protection of big money.

Remember it is the appearance of money that makes people go after you, not the actual amount that you have.

If the CEO "personally" causes harm intentionally, then yes the gloves are off.
Other than that, your fairly safe as long as you play by the rules and are prudent.

Otherwise, GM, Ford etc would be losing their shirt from all the defects and recalls. That is just an example, but even on a smaller scale, the protection is there.

To say there is no protection at all, is not correct.

Your best bet, hire a vet! Please.

 

[golfournut]

If the CEO "personally" causes harm intentionally, then yes the gloves are off.
Other than that, your fairly safe as long as you play by the rules and are prudent.

Otherwise, GM, Ford etc would be losing their shirt from all the defects and recalls. That is just an example, but even on a smaller scale, the protection is there.

To say there is no protection at all is not correct.

Your best bet, hire a vet! Please.

Your best bet, hire a vet! Please.

 

[greg334]

If the CEO "personally" causes harm intentionally, then yes the gloves are off.
Other than that, your fairly safe as long as you play by the rules and are prudent.

Otherwise, GM, Ford etc would be losing their shirt from all the defects and recalls. That is just an example, but even on a smaller scale, the protection is there.

Gm, Ford, etc .. have product liability issues, not operations liability issues in a regulated industry - a BIG difference.

If the CEO orders a specific part to be used in a car which has a design defective and the engineers are told to ignore the defect, then he can be held liable for his actions.

BUT ...

When we are speaking of a truck driver who owns the business and he say cheats on his logs, falls asleep and then hits and kills someone, that removes the protection because his actions as the driver and CEO/COO are one in the same.

THEN using my example of the fleet owner telling a driver to do something that will endanger someone or is illegal, they don't have that protection either.

The problem is we don't provide just a service, we are in a regulated industry where there are a few liabilities, one is the safety to ourselves and that of the general public under regulations that are clearly written while the other is to the people who entrust us with their property to move it.

The key word is negligence in these cases and most of the time it is not justified for those who are sloppy operators who take chances and want to capture every penny.

NOW the protection comes into play when you have a cargo claim or when you have billing issues or when you owe a large amount of money to say a broker. These are cases where the protection will be helpful.

 

[golfournut]

Gm, Ford, etc .. have product liability issues, not operations liability issues in a regulated industry - a BIG difference.

If the CEO orders a specific part to be used in a car which has a design defective and the engineers are told to ignore the defect, then he can be held liable for his actions.

BUT ...

When we are speaking of a truck driver who owns the business and he say cheats on his logs, falls asleep and then hits and kills someone, that removes the protection because his actions as the driver and CEO/COO are one in the same.

THEN using my example of the fleet owner telling a driver to do something that will endanger someone or is illegal, they don't have that protection either.

The problem is we don't provide just a service, we are in a regulated industry where there are a few liabilities, one is the safety to ourselves and that of the general public under regulations that are clearly written while the other is to the people who entrust us with their property to move it.

The key word is negligence in these cases and most of the time it is not justified for those who are sloppy operators who take chances and want to capture every penny.

NOW the protection comes into play when you have a cargo claim or when you have billing issues or when you owe a large amount of money to say a broker. These are cases where the protection will be helpful.

Negligence could make its way up the chain if the safe guards in place. Once again, you have a safety dept. That does not tell any driver to run illegal. A driver goes out and runs illegal. The driver and insurance are on the hook. The CEO would not get touched.

Your best bet, hire a vet! Please.

 

[greg334]

Negligence could make its way up the chain if the safe guards in place. Once again, you have a safety dept. That does not tell any driver to run illegal. A driver goes out and runs illegal. The driver and insurance are on the hook. The CEO would not get touched.

I think you missed the point.

1 - we are talking about people incorporating under the premise that their assets (houses, cars, life insurance, investments) will be protected regardless what happens.

2 - we are talking about people who have one or two employees, where there is no "safety department" and the buck stops with the check writer - the ceo/coo/cfo/head waiter.

3 - the driver can do things illegally but so can the owner who threatens the driver to do something like cheat on their logs. In the case of most of those here, this may happen because the carrier can call the owner and have that said owner to "persuade" the driver to take the load. SO if this does happen, the owner, even if he is a CEO, is open to the same issues as the driver - their personal assets are included as a possible settlement.

4 - this has already been through the courts.