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Setting up seperate business entity for vehicles

Discussion in 'Asset Protection/Taxes/Legal' started by cwindsor, Mar 22, 2013.

  1. cwindsor
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    cwindsor PARKED

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    I own a contracting company (entity 1) and we are going to set up a seperate entity (entity 2) to own a fleet of vehicles for liability reasons . I'm not too sure of how this works on paper. Does entity 1 rent the vehicles from entity 2 for $1(more realistically the exact costs entity 2 incurs owning them)? How does the insurance work in this situation? I'd guess the policy has to be written to entity 2 (since it owns the vehicles) but how are the drivers (employees of entity 1) covered?


     

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