Anyone familiar with LLC and/or Partnerships - Page 2 - Truckers' Trucking Forum | Message Board

Attitude:) · **^ Top** #11 09.21.2007

Heads hurting again. I called some attorneys in our area and most want 1500.00 plus filing fee to do the LLC. So, am now back on the phone trying to find one to look over the thing!

NightWind · **^ Top** #12 09.21.2007

Quote:

Originally Posted by Attitude:)

Thanks for all the great info! I've thought about having something drawn up for protection. For instance, right now my son is single. What if the woman he marries some day, turns out to be a nightmare for some crazy reason, and we lost our business due to it etc.

The truck isn't registered yet so that's not a problem. We found out it would run $800.00 for the first 7 months here. I'll definitely get the books to be going over for filing. That's a great suggestion and one I'd not thought of getting done yet. I'll have enough time to look them over and get used to them now.

I think I'm starting to breathe a little easier lol!

The partnership between you and your son definitely needs to be under a contract, BEFORE you form the LLC. I'd have the company financial accounts set up so they require both of your signatures not just one and have the account set so ownership is by survivor. I'd also have a life insurance policy on each of you, or take X number of dollars and put it in an account where it can draw interest.

There are like a million things in my head that I could tell you and any one else that reads my coments and thoughts here, but you're better off getting a little bit at a time so you don't over load.

I am writing a book now on becoming a driver, transforming to an Owner Operator then to a full blown company with employees, maybe I better hurry up and finish it LOL

Attitude:) · **^ Top** #13 09.21.2007

Quote:

Originally Posted by NightWind

The partnership between you and your son definitely needs to be under a contract, BEFORE you form the LLC. I'd have the company financial accounts set up so they require both of your signatures not just one and have the account set so ownership is by survivor. I'd also have a life insurance policy on each of you, or take X number of dollars and put it in an account where it can draw interest.

There are like a million things in my head that I could tell you and any one else that reads my coments and thoughts here, but you're better off getting a little bit at a time so you don't over load.

I am writing a book now on becoming a driver, transforming to an Owner Operator then to a full blown company with employees, maybe I better hurry up and finish it LOL

PLEASE get it finished soon! I knew there would be more to this than just driving the truck and registering the durn thing, but there's a ton more lol! I guess I should ask the attorney about the other papers first. I will be standing in line to buy your book! First customer lol!

Attitude:) · **^ Top** #14 09.21.2007

I was also looking into calling some of the companies under "Business Solutions" etc.

NightWind · **^ Top** #15 09.21.2007

Quote:

Originally Posted by Attitude:)

PLEASE get it finished soon! I knew there would be more to this than just driving the truck and registering the durn thing, but there's a ton more lol! I guess I should ask the attorney about the other papers first. I will be standing in line to buy your book! First customer lol!

Believe it or not it takes a lot of time as I want the information to be correct and as legal as I can get it considering each state has their "own" laws and there is no way I can learn them all. Heck the Federal Laws are 50 books by themselves.

You buy the first one and I'll sign it for ya.
Business solutions are OK, but use the free stuff like the small business administration as they will be your friend especially if you have a minority owned business.

I ask Wiseone if I can post the link to the lawyers that I have dealt with that handled the LLC and other documents.

Attitude:) · **^ Top** #16 09.21.2007

Quote:

Originally Posted by NightWind

Believe it or not it takes a lot of time as I want the information to be correct and as legal as I can get it considering each state has their "own" laws and there is no way I can learn them all. Heck the Federal Laws are 50 books by themselves.

You buy the first one and I'll sign it for ya.
Business solutions are OK, but use the free stuff like the small business administration as they will be your friend especially if you have a minority owned business.

I ask Wiseone if I can post the link to the lawyers that I have dealt with that handled the LLC and other documents.

That would be awesome! I don't trust lawyers and don't know any personally that are still practicing. Let me know when you're book is ready! I will definitely buy one

Just thinking of you going over laws in one state is making my head spin for ya! As you can tell, I'm not good at this stuff lol!

Michael Bond · **^ Top** #17 09.22.2007

If you have a partner, you DEFINITELY want an agreement drawn up and signed prior to the first dollar earned. Cover everything imaginable in this document.

BEGIN WITH THE END IN MIND

I just went through all this in June - August of this year so it's fresh in my mind.

If you'd like to discuss on the phone, leave me your either on here or via a private message.

Gazoo · **^ Top** #18 09.22.2007

[LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. setup my LLC for $375. I haven't completed everything yet, but so far so good. Plus, they will handle all of my tax related stuff for $15 a week.

Designors · **^ Top** #19 09.23.2007

There are a couple options that you can use .... one of which is legalzoom.com .... they will incorporate you in I believe Nevada .... they are alot cheaper than what these attorneys are going to charge

Following what everyone else is saying also .... DO get a contract between yourself and your son .... not saying it aint a good relationship that you have .... but my experience years ago with my dad .... it didnt work out ... each person has their own idea of how it should be done .... best thing is get it all in writing saying what each person does and makes .... saves alot on the family fueds down the road

Just whoever you use for forming the LLC (best choice) make sure that they FULLY understand what you are going to be doing .... trucking company .... there might be some changes that they need to make for it all

Attitude:) · **^ Top** #20 09.24.2007

Thank you all for your help! This is feeling easier already. I'm going over business forms, fuel tax forms, you name it and hopefully what's "clicking" for me will stay that way

I love this site! No one laughs at my dumb questions~! This stuff is almost as bad as taking a test-------brain freeze lol.

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