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An owner-operator is free to either haul free-lance (non-committal to any one firm or product) or enter into a lease agreement to dedicate their equipment to one customer or product; The owner-operator typically has to pay higher rates on insurance due to smaller size than most larger companies, meaning they have to charge more to balance the cost
A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. [1] A sole trader does not necessarily work alone and may employ other people. [2]
An operating agreement is a key document used by limited liability companies (LLCs) to outline the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners, called "members".
A series LLC is a special form of a limited liability company that allows a single LLC to segregate its assets into separate series. For example, a series LLC that purchases separate pieces of real estate may put each in a separate series so if the lender forecloses on one piece of property, the others are not affected.
In the United States, the Driver License Agreement (DLA) is an interstate compact written by the Joint Executive Board of the Driver License Compact (DLC) and the Non-Resident Violator Compact (NRVC) with staff support provided by the American Association of Motor Vehicle Administrators (AAMVA). The DLA requires all states to honor licenses ...
The driver’s policy, in that case, will serve as primary insurance. If they don’t have insurance, or if a thief takes your vehicle and damages it, you may still need to file a claim with your ...
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