Anyone familiar with LLC and/or Partnerships - Page 4 - Truckers' Trucking Forum | Message Board

NightWind · **^ Top** #31 10.16.2007

Quote:

Originally Posted by Attitude:)

LOL! Send him for take out, and not the cheap stuff! Maybe that'll help some? Wow, I cannot imagine sitting that long. I had to do that for 10 days when an injection in my back went wrong and didn't patch as it should have. I really do feel for ya. I may sit at my PC quite awhile but am bouncing up and down getting and doing in the middle of it all.

I tell ya this stuff with women and joint problems seems to just keep going

Well we live in the COUNTRY trust me no one delivers here and the choices are limited as to dietary selection.
I NEVER sit still, I have pain meds ROFLMBO.
I DON'T want him in MY kitchen! He makes a mess just making coffee!

Attitude:) · **^ Top** #32 10.16.2007

OMG, are you sure we don't have the same hubby!!??? Mine strings coffee from the kitchen to the dining room and I've never been able to figure out how he does that!
Pain meds are good lol!!! Just keep hubby out of the kitchen or the stress will over ride the pain pills.

You're in the same mess we are. It's 6 miles in for take out and a selection of 2 places to choose from

TV dinners may start sounding good after all.

NightWind · **^ Top** #33 11.14.2007

He did good, made me a perfect cheeseburger exactly like I wanted so I will not fuss about his cooking again. Oh you have the coffee trail too LOL.

Quote:

Originally Posted by Attitude:)

OMG, are you sure we don't have the same hubby!!??? Mine strings coffee from the kitchen to the dining room and I've never been able to figure out how he does that!
Pain meds are good lol!!! Just keep hubby out of the kitchen or the stress will over ride the pain pills.

You're in the same mess we are. It's 6 miles in for take out and a selection of 2 places to choose from

TV dinners may start sounding good after all.

rdp · **^ Top** #34 11.16.2007

Quote:

Originally Posted by NightWind

No the EIN won't have an effect on the taxes unless you use it to produce income or give it to someone that you eventually do business with and they send in something to the IRS.
One thing you do need to understand you will most likely have to pay the annual 2290 heavy highway use tax UNLESS you do not have a tag and the truck isn't registered. It can be titled in your name and not have a tag on it and you'd more than likely be OK. Once you put tags on it the IRS will want the 2290 tax money. it then unless you have someway to document that the truck hasn't moved during that time.
You will need to use your EIN when you get your DOT number, apply for your authority and insurance, along with your IFTA number and stickers. Also when you set up the company banking.Be sure to keep the company funds separated from your personal monies. Also you can do what they call "Owner Draws" against the company account, be sure that you are using it for the company, keep the records and if you use the money for personal reasons then expect to pay income taxes on it.

It cost around $300.00 to $500.00 to have a service do the incorporation papers, some are more some are less and about 24-48 hours unless you do it on a Friday. If you use a service get the ball rolling a week ahead. You do NOT have to have the incorporation done to work, however the risk is there and you are vulnerable to lawsuits. I have the forms to do the LLC, S or C corp myself but I do NOT recommend you doing them unless you have a lawyer look over them.

While you are earning your start up money be sure to get the company books set up and learn about filing your quarterly estimated taxes, fuel and mileage reports. If you are going to have a partner that can complicate things to a certain degree as the EIN will have either your partners or your social security number linked to it but not both. Ultimately that makes that person responsible for the company taxes. Also since you have a partner I'd have a contract between myself and them outlining the terms, what the buy out conditions etc will be in the event that you decide to dissolve the partnership.

If you drive less than 5000 miles you can file exempt on the 2290 and not pay anything. You still have to file but there is no fee. I would not pay a service to file an LLC. I live in Kentucky and formed mine for $40.00 at the Secretary of State by filing 3 copies of a one page document and then filing one copy with the County Clerk in my county for $12.00. That's it. Took half a day.

Roadmedic · **^ Top** #35 11.16.2007

Quote:

Originally Posted by rdp

If you drive less than 5000 miles you can file exempt on the 2290 and not pay anything. You still have to file but there is no fee.

The actual wording is Expected to be used on public highways 5,000 miles or less. Agricultural is 7500 or less.

This means that when the form is filed, you would believe that the vehicle would not have 5000 miles of public highway use in the next year. However, if the mileage would increase over the expected estimate, then an amended return would be needed. Additional tax, interest and possibly penalties could then apply.

NightWind · **^ Top** #36 11.17.2007

Quote:

Originally Posted by rdp

If you drive less than 5000 miles you can file exempt on the 2290 and not pay anything. You still have to file but there is no fee. I would not pay a service to file an LLC. I live in Kentucky and formed mine for $40.00 at the Secretary of State by filing 3 copies of a one page document and then filing one copy with the County Clerk in my county for $12.00. That's it. Took half a day.

This is true you can file it yourself, I never said you couldn't. The reason's I don't advocate this is because unless you are a lawyer, or have a lawyer look over the documents you can make errors in the wording that can wind up costing you money and the IRS disapproving/ not allowing some deductions. I didn't do my incorporation in my home state because the laws here in Alabama are not as favorable(lack of a better word) to-wards businesses from the litigation point as they are in NV and DE. Wherever your incorporation is filed is the jurisdiction that any lawsuits will normally be held under and those laws can determine how much you pay, liabilities etc. Since Alabama has NO CAPS on punitive damages which is where most lawsuits get really expensive and the other two states that I mentioned have CAPS that was my reasoning. My intentions were to protect my assets as much as possible. Each person has to decide what is right for them.

Quote:

Originally Posted by Roadmedic

The actual wording is Expected to be used on public highways 5,000 miles or less. Agricultural is 7500 or less.

This means that when the form is filed, you would believe that the vehicle would not have 5000 miles of public highway use in the next year. However, if the mileage would increase over the expected estimate, then an amended return would be needed. Additional tax, interest and possibly penalties could then apply.

That was the wording I was trying to remember and was too lazy to look it up. Thanks.

5mouths2feed · **^ Top** #37 12.15.2007

Check the internet for incorporation or llc. I had mine done through nevada for less than $200.

NightWind · **^ Top** #38 12.24.2007

There are a lot of companies out there that do incorporations every day. The main thing is to pick the right type of incorporation for you and your business. It's not a bad idea to talk this over with your CPA as they know what is going to be best for your situation. Then do the incorporation and you'll be set. It's just another thing that has to be planned for. For any business to succeed at it's full potential planing is one of the most important things you can do. It's never a wise decision to just jump in with both feet, sometimes you end up out of the frying pan and in the fire.

Quote:

Originally Posted by 5mouths2feed

Check the internet for incorporation or llc. I had mine done through nevada for less than $200.

Roadmedic · **^ Top** #39 12.28.2007

Quote:

Originally Posted by 5mouths2feed

Check the internet for incorporation or llc. I had mine done through nevada for less than $200.

You have to watch doing this. Some states have a higher annual fee or tax for a corporation registered in another state. They refer to them as foreign corporations.

MedicineMan · **^ Top** #40 01.07.2008

If you incorporate in another state do you then have to register the vehicles out of that state?

Thread Tools
Show Printable Version Email this Page
Display Modes	Rate This Thread
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode	Rate This Thread:

Similar Threads
Thread	Thread Starter	Trucker Forum	Replies	Last Post
ANYONE here familiar with intermodal???	zerolm	Ask An Owner Operator	15	06.07.2008 03.48 PM
Anyone out there familiar with Delware roads?	MrsSkidmarks	Experienced Truckers' Advice	5	01.19.2008 09.25 PM
Anyone familiar with Oakley Transport?	RedSovine	Motor Carrier Questions - The Inside Scoop	5	12.03.2007 01.56 PM
Anyone Familiar with Inman	LMB	Motor Carrier Questions - The Inside Scoop	7	12.02.2007 04.20 PM
MTC - Anyone familiar with this company?	RBPC	Motor Carrier Questions - The Inside Scoop	7	07.12.2007 06.29 AM

Truckers' Trucking Forum/Message Board - The Premiere Truck Driver Forum
Sponsored Links

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)