I'm going to be leasing on with a small company under there lease purchase program. My first question is should I have a business license and business bank acct. All the company is requiring is my ein/tin. Is there any benefit or reason to get a license. I'll be running under there authority and ins. And if I should get one how difficult is it with no dot number. Second question is can I have my own company name and logo on the door if I'm under there authority. Or will that be dot drama.
question about business license
Discussion in 'Ask An Owner Operator' started by biggun, Feb 13, 2014.
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Start studying... http://edmaclane.blogspot.com/2014/01/resources-to-learn-business-of-trucking.html
The answer to your second question is yes. And you will still put their info on your truck too.gpsman Thanks this. -
I would do a business license and get a business bank account (checking for everyday transactions and a savings for the escrow for taxes). Most banks won't let you get the business account without the license. Without looking up mine, I believe it's called assumed name or something along those lines. By doing so, you tie your business expenses to the business and credit to the EIN. Have your pay go into the business account, then Pay for anything for the business out of that account, i.e. entertainment, food past the 150 mi radius, items for the truck that you must pay, laptop, etc. Pay yourself a salary out of that account to your personal account. By doing this, you make your bookkeeper happy. I know, married to mine for 14 years! There is a book that helped me out by Terry Norris called The First Time Class-8 Lease-Purchase Owner-Op Guide. you can find it online.
Road Killer Thanks this. -
Just making a note here... You can get a fictitious name and an EIN as a sole proprietor. But a sole proprietor and their business(es) are all one and the same so there is no different credit rating or line of credit. The business credit will be the proprietors personal credit and all business debts and obligations will belong to the proprietor personally because no separate legal entity is created.
The book, The First Time Class-8 Lease-Purchase Owner-Op Guide, is the second link on my list of reference material in my blog post that I linked to in my previous post. I'm just pointing that out because it's a good list and I have that book on there along with the link. -
I would recommend a corporation or at min. a LLC to give your self some personal protection. cover your a-s anything can happen out here.
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