Commercial Liability, Insurance And Trucks?

[johnbits]

Commercial liability, insurance and trucks, is this any different from owning a car, and maybe this would be better in the insurance forum?

My first plan, if I bought a 10 wheel dump truck, was to have my fiancée buy the truck within the next 8 weeks in her name, then later when I get over to Thailand she would transfer it to my name. Once we were married I would keep it in my name.

Now I was thinking maybe better to have a company we both jointly own, and put the truck in the business name. That way we can still control the asset but our and more importantly my liability is limited to the value of the business. We would do this joint business after we were married, but I can't see if it is important to do before or after marraige.

I wouldn't want a serious accident with the truck to cause some lawyer to go after me personally.

The other thought was if my wife moves to the USA, I sell the truck to her father with a note payable in full after some period of time. I trust the father, but shit happens, the note would get me a little control with limited liability. But I think better to leave the truck in a jointly owned business name and if my future wife moves to the USA we can "rent" the truck to her father's business.

The whole business is currently IMO valued at about 2x the truck, the total business being partly owned by the family. The truck would be one of the largest assets, but by no means the only asset.

Any thoughts on what my liability would be owning a commercial truck even with insurance and how to limit liability?

[harrry]

I think you would find out that driving is a restricted ocupation for Thais and you will not be able to drive it for work.

[WarpSpeed]

Aren't you glad you asked JohnBits?

[transam]

This is a continuation of another thread.

[johnbits]

I think you would find out that driving is a restricted ocupation for Thais and you will not be able to drive it for work.

I should have stated, I have no intention of driiving the truck, it is just a part of a business.

[johnbits]

This is a continuation of another thread.

Well, I thought about tacking it on to the other thread, but it really is a different sort of question, the first was about how much a truck would cost, and is such and such the best truck to own.

This is a liablity question.

[katabeachbum]

This is a continuation of another thread.

Well, I thought about tacking it on to the other thread, but it really is a different sort of question, the first was about how much a truck would cost, and is such and such the best truck to own.

This is a liablity question.

and your liability is hard to estimate without knowing the use of the truck

as a vehicle, its covered by a good 3rd party insurance covering 10 x 1 million personal and 5 million property and bail bond 200k for driver, all only as long as driver is sober and has valid lisence.

transporting for others, you are by Thai law responsible until you have delivered goods as agreed on

as for the company route, you are looking at heavy taxes for company, double road tax for truck and accounting costs, dropped by most owners

as for ownership, get it in your name intitially to avoid hazzle and transfer fees, and if someone else to take over, keep it in your name until fully paid

[canopus1969]

Commercial liability, insurance and trucks, is this any different from owning a car,

The simple answer to that is 'yes' commercial is different to private. For an on-line quotation why not use a good Broker to help you ; try HERE