hey everyone , 1st post , alot of great info on here , and i got a few questions .... right now i own an incorporation in PA ,the economy finally cought up to me and im plaining on selling out and buying a tractor , i have a really good in and will get work so please dont school me on all that , im selling off so i can buy a truck outright so i wont need to worry about a truck payment atleast , insurance wise i think it may be the same i carry product liability right now and its sky high , and the company that i am hooking up with tells me i only need bob tail insurance .
what i have a question about is , since i already own a business an INC. would it be wise for me to list the truck under this name ? maybe doing a spin off business name but have it attached to the inc for the added protection , and plus i can still do a weekly paycheck if i so choose .
thanks in advance !
ted
owning my own truck and the business part
Discussion in 'Ask An Owner Operator' started by tchauling, Oct 1, 2011.
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How you planning on selling out and keeping the company name?
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should have clarified , just the machinery , not totally selling the business , i own the current building im in and plain to keep them , basically keeping the business name {if i can attach the tractor to it} but selling everything the business owns ....
im asking becuase if i go to my lawyer hes pretty much clueless about anything other than money ... my insurance guy same thing .... figured i would get better advice here than there -
If you're paying a clueless lawyer, find another? You "have a really good in"? As in "pssst ... hey I got this great thing going and ...."
If so why do you need our help? New company name or old, who cares? Using an old company name only helps in customer recognition IE Starbucks.
Plus you have an in so he doesn't care if you call yourself Klingon ####### Trucking.
Lastly your questions don't add up. You should be interested in costs and revenue. Figure that part out and go do that In Thing. -
no my lawyer is very good , very good at manufacturing and that kind of legal stuff , i should find another actually ....
im not going to go into details as the in i have , but i have a good connection that is garanteed , im not worried about costs and revenue im pretty sure im good with that part, im only worried about the money handling end of the deal , everything will be on the books and i just want to know if it would be best to just do it all through my inc or just start a fictious name business and let it all fall back on my personal income and not worry about a pay check for myself ?
and yes just becuase im a newbie on here doenst mean im totally new , i had my cdl for over 10 years , hualed heavy construction equipment/wide loads , and even did a stint at cummins doing inframes ... so im not just your average joe blow of the street who has this briliant idea of becoming a trucker , i simply dont know much on how some do the business end of the deal ... -
I favor an LLC because it is more versatile. You file your name and operating agreement with the Secratary of State. IMHO, It will offer just as much (or should we say as little) isolation and liability protection as a Corporation in most cases. A good attorney, on the scent of blood, will pierce any veil of protection if you both drive and operate the company.
I prefer the LLC because for tax purposes you can elect to be treated as a Sole-Proprietorship, Partnership or Corporation if you meet the proper criteria. This allows you simplfy things in the beginning and elect to be treated as a Corporation if earnings dictate.
If I already had a Corporation and was paying someone to do my taxes and bookkeeping I would probably go that route to start. -
OK, it would most likely be better to do the deal through the present inc name (unless it's product specific like "Joe's Pink Edible Britches Inc") so you can still use stuff like your building's depreciation.
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thank you so much . one reason im not selling the buildings is becuase same land is our house {7 acre plot} and my buildings are big enough to park a rig in so i can store it or even use it as part to work on the truck ...... man another business venture what the heck am i thinking ?
joes pink edible britches ... hmm might be able to find that somewhere in cali ?? just jk never been to cali myself .... -
Do you plan on leasing your truck to a carrier or get your own authority? It is a bit confusing from your post. You will only need bobtail insurance if you lease to a carrier. If you get your own authority you will need auto liability and cargo insurance.
There could be some tax advantages to owning the truck personally and leasing it to your corporation. Some states charge an annual tax on corporate assets. Owning the truck personally would avoid paying that particular tax.
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