Put your Turo cars into a LLC

[@mariemartinez1351]

Thanks for the info

[@queenjemise]

What NAICS CODES should be used for the LLC?

[@cassandraallen6280]

So maybe a dumb question but, when listing your LLC car. Would you list it as a commericial vehical and when they ask for a drivers license would you use your personal license?

[@asimmclean6315]

No good question I’m also looking for the answer

[@Eric_In_SF]

FYI, an LLC will not protect you from being sued personally. If your name is attached to the LLC as a manager or other then it opens up your liability. Also, if you get sued all of your cars in the LLC are fair game for the lawyers. To truly be protected you need to have a lawyer set up a Holding company with a Wyoming, Delaware or Nevada LLC that does not have your name, then the attorney add you as a member and keep themselves as the managing contact (and set it as disbursement only so you cant be forced to payout). Then set up an LLC for each car. this way a problem with one car limits the max liability to that one car and not your entire fleet.

[@ProToolsAvidSchool]

Ok so an attorney would be thousands of dollars just for that process.

[@g1ovan13]

thats a lot of money

[@U238389]

Anothet FYI. Your car needs to be paid off to do that.

[@viktorivakhno2244]

I like structure with two llc. One just has cars and leasing it to another that operates all of them.

[@khurammalik1449]

My turo account is under my name but but my cars and thr money I receive is going through my business Corporation. Do I need to change my turo name to my corporation

[@sameraa__]

thank you so much for this short and noncomplex video haha! Great for people like me ho have a short attention span, straight to the point!

[@richrootzmedia8790]

Thanks that was a great tip.. I would definitely implement this and to any of my clients. 👍🏾

[@MrBeefsnorkel]

the only thing my girlfriend wants for chritsmas is Bandman Kevo's boipuccy.

[@newonyt4216]

I’m literally here because bmk inspired me lmao. I’m 20 btw

[@ochicoloto3524]

thanks for the video. If you already run Turo under your name, how do you legally switch the car ownership to the LLC's name

[@talkinhiphop9370]

So I’m in florida and as a LLC owner I’m wondering do I need additional insurance outside of the insurance Turo provides ( Liberty Mutual Insurance )

[@mikevonfrolio3110]

Also wondering this.

[@avasmith9121]

Good Question

[@wrighttool]

yes, turo insurance is only for the time the renter has the car. If you were to drive the car to the car wash before hand you need your own insurance

[@KristianAlekov]

Isn't the insurance more expensive under a business rather than personal?

[@exoticbolts6835]

If you put the insurance in your business, it’s a tax right off; if you have it under your personal you pay taxes on the money spent for that policy. Do your calculations

[@rebeccaontv]

Thank you you just helped me with a lot of good information

[@christianleone1770]

great video! i have a question though. How do i go about getting car insurance if the car is owned by my LLC? I cant seem to find anywhere that allows it

[@jubbinjk]

Christian, where you able to get an answer to your question. Looking for the same question to be answered.

[@juliusMOYA]

I just started in TURO 3 months ago. My 3 cars is under my name and also the loans. I just got my LLC. My question is, I can use my LLC in TURO and using my 3 cars that under my name? I want to use my LLC for tax and protect me for any liabilities . But I’m not sure if I can use my personal car in my LLC in TURO.

[@Simonsaysboxing]

Actually it's better to manage the business under the LLC and title the cars in another one or your own name. The business would "Rent" the cars from yourself

[@davidalberty8951]

That's the situation I'm in. I have 2 cars on turo just formed an LLC. But my cars are still in my name. I was wondering did I have to change them into the LLC name but you're saying it's like my business is renting the cars from me?

[@infernalmonolizer2539]

do you get business insurance?

[@situationmoney]

I run my Turo business with all of my cars owned by an LLC. IN MY OPINION, for more legal protection, your Turo account should be under your business name. And it should be clearly stated on your reservations page that guests are renting the cars from a business and not an individual. Less protection, but still useful, is to run your Turo business as an individual (sole proprietor) and have all the cars owned by an LLC or corporation. Many times large dollar insurance claims are denied, and when bad things happen, attorneys like to go after the owners of the cars involved in an accident. So, it's a good idea to have the ownership of the cars under an LLC or corporation. Always consult with a business attorney when deciding how to set up the ownership of a new business...

[@johnmarkreed]

Yes I have two of the cars in one LLC and plan to put more in that and other ones!

[@jodavinci1208]

John Mark Reed if you own the cars and one of the cars gets in a accident . They can come after the other cars in that LLC. So it’s like each car needs their own LLC . Or 2 cars for each LLC to be safe. Also why is it less protection @situationmoney ??

[@rness4135]

@@jodavinci1208 Really?

[@jaydemaro4493]

Are you saying u create a personal llc(sole proprietorship) and then subsidiaries for the carsp

[@daquanmcdonald7104]

So get your llc and go on turo and register under my business name correct? Now boom my business is on there? Just making sure

[@jamesandorful3671]

What if your car is registered in another state (Maryland) and your Turo is physically being used in a different state (New Jersey) should you put the llc under the state that it’s in currently or the state it’s registered in?

[@michellecastano5409]

Great video and tips can you make a video on how to transfer title to your LLC. I recently opened my LLC and I want to transfer the title from my personal account to my business not sure where to start

[@Simonsaysboxing]

Still guidance in this as some LLCs are unable to sell cars

[@Migmuffin1]

Same, I need to transfer my vehicles so that they can be off my credit so I can better purchase a house.

[@daquanmcdonald7104]

So when you put your business on Toro just register under your business's name correct

[@michellerundbaken60]

How do you list your car on Turo as a LLC? I keep going to the profile but don't see any options to rename. I'd love your help!

[@Simonsaysboxing]

You have to call or email them to do so. Mine took months

[@brunosb0015]

Thanks very for making this video! Much clear and straight forward. Just put my 3rd car on the platform. Will see how it goes and should be making my LLC soon.

[@johnmarkreed]

What state do you live in?

[@brunosb0015]

John Mark Reed CA

[@Hello-816]

I'm new to this. Do you guys purchase the vehicle in your personal name and then move it into the LLC? What's your exit strategy? At what milage do you sale the vehicles?

[@rxscience9214]

I don’t know of any judge in this country or abroad who would preside over a case involving a someone claiming it was the hosts fault for an accident. It seems a little dumb to put your cars under an llc. If they’re Honda’s or Toyota’s then no one bats an eye but if you’re putting real cars that make real money on the site then when your llc finances 60-120k the bank is going to require commercial insurance and idk about y’all but I’m not going to commit insurance fraud and tell them I’m using the car to deliver cookies or something. Good luck with your business. I have 3 Teslas in Miami and I’m just going to run my personal credit up because rn I’m doing $7k a month with 3 cars, with 14 or so I’ll do $60k hopefully

[@Eric_In_SF]

Wait till a wife and three kids gets killed because you had a tire blow (a pure maintenance issue) and the widower comes after you for more than $750k. you lose your entire fleet and are on the hook for restitution for a decade or more (not to mention the $400k your lawyer charges for a lengthy case). I can tell from your brashness you've never had to deal with a lawyer before. they're brutal.

[@rxscience9214]

@@Eric_In_SF that’s crazy if they get into an accident because of a blown tire it’ll have been their fault. I always have pictures of my tread before the trip with a quarter in them for proof.

[@rxscience9214]

@@Eric_In_SF I’ve dealt with enough lawyers to know it doesn’t make sense to put a fleet on your LLC. Plus you have to get commercial insurance, good luck finding good rates for a turo fleet

[@hambox2008]

Question, have you guys heard of self insure. I heard that that's what herts, avis, etc use.

[@acastillo0319]

When you get new vehicles for turo do you tell the dealership what type of business is it for? I was recently told by BMW that they wont finance a car if its for Turo business... trying to start my LLC and trying to find out as much info as i can as i go. Thank you

[@johnmarkreed]

I don’t tell them because it’s non of their business what my business is

[@richrootzmedia8790]

@@johnmarkreed that makes sense..

[@betino705]

@@johnmarkreed but when they run your NAICS code , which is under your LLC purpose , if they consider is a high risk industry , they will deny financing or at least give you a hard time .. is that true?

[@pearlmarshall259]

@@johnmarkreed Well what NAICS code is yoyr business under?

[@rnrtv1]

I live in NJ, but I wanted to know how to set up an LLC for Turo? Is there special documents I need?

[@jamesrobinson2017]

Legal Zoom

[@samanthapowell5882]

To add to this you should set up an LLC that is anonymous with a registered agent and that LLC owned by a trust !

[@rness4135]

Will do! I’ll let you and the group know how it goes. Thanks

[@samanthapowell5882]

@@rness4135 this is the best setup

[@iinrodwetrust]

Any info on how to get this done? If you’d like to DM me personally that’d be great as well as I’m trying to set this up properly so I may have other questions. Instagram or email is the beat way to contact yoy?

[@samanthapowell5882]

@@iinrodwetrust research it here in KZbin

[@earthangel1756]

I get the anonymous registered agent, but why put this type of business into a trust? Curious, thanks

[@GeorgeTorres]

How do one move from one car and use Turo income to get a 2nd car?

[@cokish1]

Can I form an LLC put a car under it on Turo and then rent a car from it myself as an individual?

[@ksuss5360]

I own a couple of turo cars. I just opened the LLC. I am trying to find out how to change the names on the cars to the company right now. Any tips for that?

[@gregwilcoxson818]

How to get a virtual address for turo

[@jjoven1225]

While it sounds good in theory, its not practical. You would need to have the title in your LLC, (easy if its fully paid), AND insurance have to be insured under LLC (hard and expesive) If you dont have both in LLC, you dont have the protection you havez you're just wasting money and time setting up LLC. Most lawyers knows you dont have money/asset. They will go after your insurance, then your insurance will go after you. Or lawyers will go after you and your insurance

[@tomcruise3250]

I want to start so bad ! I have 20k cash,12k in the bank and a 650 credit score but I don’t have a license ! And I lost my job,Can I still get into the Turo business ???

[@johnmarkreed]

yes you can

[@Simonsaysboxing]

I'd say but two $5k cars cash and keep the rest as reserves as the business picks up. Depending on your market they will bring you 500 to 1000 each per month.

[@Simonsaysboxing]

I'd stick with cars with reliable track record.

[@TongoWheel]

Heard if u getting llc for turo they(turo)won't do any work other then just put your car on platform.

[@johnmarkreed]

Are you referring to signing up as a commercial host ?

[@XX-166]

It’s never a bad idea to create a bubble between yourself but are you saying that your turo insurance won’t cover all instances while the vehicle is under a renters control?

[@johnmarkreed]

I believe that even with Turo Providing 1 million in coverage, a renter still could or would want to sue Turo and You for their own negligence or accident that is outside of their control. So if you can put your cars in your companies name they can come after your company and not you and your personal assets and wages.

[@XX-166]

John Mark Reed which is yet a delay tactic because any decent lawyer will still be able to reach out and touch you. With a million dollar policy and some crazy act of god occurring the million bucks will be offered especially when the party is being told do you want the million or still try to go after this guy which doesn’t have as much. The bubble idea is good but it’s not a be all solve all as anyone in the hosting business should be aware of this. Typically when something happens while the vehicle is under the control of a renter then the turo policy kicks in unless the host has gotten cheap and decided the profit in their pockets is more valuable then the coverage for their ass.

[@sacredboxing]

Love it 💯

[@Rocky21519]

How do you put a car that you have a personal loan on in your LLC?

[@SYNICAL360]

You can’t … if purchased under LLC then you may. Bank financed you not “RW LLC”.

[@Eric_In_SF]

You can sell or contribute property to your LLC. smallbusiness.chron.com/can-sell-vehicle-llc-47613.html

[@talkinhiphop9370]

Man you read my mind

[@rness4135]

Can you buy with cars with an LLC?

[@samanthapowell5882]

Yes! And you should!

[@rness4135]

@@samanthapowell5882 How?

[@samanthapowell5882]

@@rness4135 open up an LLC then buy/lease the vehicle!

[@tristanhinkley1023]

@@samanthapowell5882 who would i register my car under, as well as insurance, commercial insurance doesn’t make sense to me since I’ll never be driving it. Can i use normal insurance policies?

[@samanthapowell5882]

@@tristanhinkley1023 first the car can be under the Buisness in your name but it paying for it so normal highest deductible basic insurance you can find , but to be not personal liable you will need to put in under the Buisness and then get fleet insurance, remember that things can happen when not rented and you still need coverage!