Pennsylvania independent Contractor Rights
Question Details: If the company I work for would try to get rid of me because they can find somebody to do my job for less money would it be worth it for me to join a LLC to protect my vehicle incase I couldn't pay for it or wouldn't it protect me from that?
Business Law Answers
No, an LLC won't protect your vehicle from repossession. In the first place, the lien is on the title; even if you could transfer the title to the LLC, the lien would still be on it and I don't know if it would even be possible without the lender's permission. And I can all but guarantee that the lender wouldn't grant permission for anything that would end up limiting its rights at all.
What an LLC does is protect your personal assets from your business debts. For example, if you owned the vehicle in the LLC's name and couldn't make the payments, the lender could only go after the LLC's bank account (or other assets of the LLC, not your personal assets) for any deficiency, if the vehicle were repossessed and sold for less than the balance.
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