I found a truck in my price range. So I'm ready to move onto the next step.
I'm going to start a S corp.
My question is, does the share holder have limitations to what they can do.?
This is a real question. Finally gonna step up to the plate.
1) secure truck financing. ( done)
2) start and register S corp (not done)
3) find cpa. ( 50 % done but I got a real iffy feeling, they said they can figure it out. Trucking can't be that complacated)
4) find out where to get a 2290 and what it actually does
5) DOT inspection
6) Go to work learning how to run a business.
7) small operating capital, cash. Under 7k
But truck will be paid in full when I pick it up.
I've spent five years learning how to drive. Now I gotta learn the rest.
This will be my go thread for the next couple weeks so I can get things done in the right order. And not start muilty threads on the same topics. I will be leaseing to land star. So I known I don't need everything that some one with their own numbers will need. After bouncing off and on this site for about four years. I'm sixty days away from my first settlement.
Thanks every one mods and all.
2016 cascadia DD13. Automatic 12 speed. 426k miles. Owner financing. No major break downs as of yet. But all paper work and mileage reports where on hand.
Another s corp question.
Discussion in 'Ask An Owner Operator' started by feldsforever, Sep 28, 2020.
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Post a photo of your truck when you can.
feldsforever, Rideandrepair and truckdriver31 Thank this. -
I can try to help with the LS questions when I have time.
Find a solid CPA.
2290 - Internet search - I advise using the 3rd party and paying the fee - mail receipt is way behind this year. It’s the fee for owning a big truck - that’s it.
$7k cash is thin - hope you’re flush elsewhere.D.Tibbitt, feldsforever, Rideandrepair and 1 other person Thank this. -
And, sincerely, good luck.
D.Tibbitt, feldsforever, Rideandrepair and 1 other person Thank this. -
feldsforever and Rideandrepair Thank this.
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Ps : in russia they teach a bear to ride a motorcycle in the circus and it takes 6 monthsD.Tibbitt, feldsforever, Rideandrepair and 1 other person Thank this. -
D.Tibbitt, feldsforever, Rideandrepair and 1 other person Thank this.
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You can file S Corp papers.In the type of Business section, Put down “Interstate Trucking” In Ownership section put Your Name, as President. In shareholder section, put 1000 shares wholly owned. Once ein is issued, and Truck is in your name, pay 2290,( Highway Use Tax) I used Express Truck Tax, this year, based on others advice. Last yr 2290.com messed my filing up. Gave Me a paid receipt, I actually got my plate with it, but they never filed it. Had to re file with a small penalty. Normally it’s $550 per yr. You’ll Pay a $400 or so fee, for the remainder of the current June 30th to July 1st annual period. Print copy of 2290. You’ll need it to get an IRP plate. If Landstar provides one, good. If not, you’ll also need a copy of Lease agreement, and proof of insurance ( Landstars or whoever you’re Leasing to, Public Liability insurance) .Chances are Landstar will handle everything, all you’ll need to do is give them the paid 2290 receipt. I made it sound complicated, just trying to be clear. It’s pretty simple. Good Luck.
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Rideandrepair and feldsforever Thank this.
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