Do I need to start a business entity (S-Corp, LLC, Sole Proprietorship, etc) before beginning a walk away lease at the company Ive been working for since last summer?
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Should I form a biz entity before starting walk away lease?
Discussion in 'Lease Purchase Trucking Forum' started by tscottme, Feb 1, 2021.
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The only time you should form a business entity is when you are 100% sure that you're going to stick with it. It takes a lot of time and money to set up a business entity so why waste it if you're just going to walk away from the lease after a few months. I waited almost 6 months to set up mine and that was two and a half years ago.
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There are tax benefits. I am a single member LLC.
Bean Jr. Thanks this. -
bzinger Thanks this.
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Last edited: Feb 15, 2021
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Bean Jr. Thanks this.
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Believe what you want. Makes no difference to me. Wish you luck and look forward to seeing a thread on your lease if you do it. Just remember they are possible to make work. I know mine has for three years now.
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