Thank you!! We've been trying to ramp it up and I think that time is coming soon. Our Turo business is under an LLC now. It wasn't for the first 6 months and I wish we had done it from the start. An LLC can maybe protect you in the rare case Turo denies a claim and the guest comes after you or something. Also, you can eventually start getting auto loans under your business name. Would've been great if we started with a separate business bank account too, to manage finances better. Only con I can think of is that you have to get commercial insurance for your vehicles which is a bit more expensive than person insurance. As for taxes, we are setting money aside and talking to a CPA come tax time. I wish I had more info to provide here, but I don't. Maybe after we file our taxes I can make a video.
Fantastic channel!
Best turo channel so far.
Do you have your turo business under a LLC ? What’s the pros and cons ? How are you guys are dealing with taxes ?
Thank you!! We've been trying to ramp it up and I think that time is coming soon.
Our Turo business is under an LLC now. It wasn't for the first 6 months and I wish we had done it from the start. An LLC can maybe protect you in the rare case Turo denies a claim and the guest comes after you or something. Also, you can eventually start getting auto loans under your business name. Would've been great if we started with a separate business bank account too, to manage finances better. Only con I can think of is that you have to get commercial insurance for your vehicles which is a bit more expensive than person insurance.
As for taxes, we are setting money aside and talking to a CPA come tax time. I wish I had more info to provide here, but I don't. Maybe after we file our taxes I can make a video.
@@CarSharingJho😮😢
why so sad? @@stevenwinter5429
Been following your Chanel great information...are you on the getaround around platform?
Yes. We have 1 car on GetAround. Looking to add more there too!