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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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Matrixexpress said: ↑i wasn't going to comment but dam this Pepper24 truly has no clue what there talking about, in 2002 a buddy of mine was sued yes the accident was his fault so he deserved what he got, his lost his CDL for 5 years and a personal fine of $2000.00, that being said an LLC will not protect you from that but since his LLC was sued his personal assets could not be touched at all the LLC did have its own assets that he had to liquidate before the LLC went bankrupt and shut down... 100% of his personal assets were protected.
any one with a brain at all can research protection laws for LLC's, both state and Federal .... I have owned and operated an LLC for 7 years im making allot of money and the tax benefits from that LLC are awesome you do not have to pay yourself i dont i 1099 the profits .. i am in the process of growing as we speak and able to drop 60% down on three trucks and trailers just have not decided yet whether im going for my own authority yet or not and i will not surpass 20 trucks as a company always protect yourself and business yes wait a few months like 6 months than decide if you stay lease operator than obtain your LLC fast.Click to expand... -
OTE="Pepper24, post: 11103855, member: 180790"]It’s hard to believe anything you’re saving when you obviously lead out with a lie if you’re the only one in the LLC or corporation how is your personal things protected your obviously have to be the one driving if your the only one in the corporation so any lawyer is going to sue you since you were the driver and your corporation and the carriers of the insurance which is the carrier your leased too[/QUOTE]
You really are completely clueless about the purpose of an LLC, how they work, and the benefits of setting it up. As long as the single member of the LLC isn't comingling their funds and paying business expenses out of their personal accounts and vice versa, the whole point of government creating the Single Member LLC was to provide asset protection along with pass thru taxation, avoiding double taxation.
Sometimes it's better to keep silent on things you have no knowledge of than to come off sounding ignorant.Bean Jr. Thanks this. -
WannaGoTrucks2016 said: ↑OTE="Pepper24, post: 11103855, member: 180790"]It’s hard to believe anything you’re saving when you obviously lead out with a lie if you’re the only one in the LLC or corporation how is your personal things protected your obviously have to be the one driving if your the only one in the corporation so any lawyer is going to sue you since you were the driver and your corporation and the carriers of the insurance which is the carrier your leased tooClick to expand...
Sometimes it's better to keep silent on things you have no knowledge of than to come off sounding ignorant.[/QUOTE]
He doesn't mention taxes. He's talking about being sued. -
Pepper24 said: ↑I guess I really don’t know it doesn’t seem to me a lease purchase operation you would even clear enough to make any difference.Having to pay for 2 tax filing one for you and one for the LLC would pretty much eat up any kind of savings you think you’re savingClick to expand...
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Bean Jr. said: ↑The mega carriers pay their new drivers bupkes. If that's reasonable, then I can pay myself similar, and I do, and the remainder is profit. My self-employment taxes, ie FICA, are based on my salary, not total income. I won't say I had a great year last year, but by having half of my profits as wages typical of a mega carrier to a first driver, I saved $4,200. If you don't plan on clearing $50,000 a year, why bother to do it at all?Click to expand...
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Bean Jr. said: ↑The mega carriers pay their new drivers bupkes. If that's reasonable, then I can pay myself similar, and I do, and the remainder is profit. My self-employment taxes, ie FICA, are based on my salary, not total income. I won't say I had a great year last year, but by having half of my profits as wages typical of a mega carrier to a first driver, I saved $4,200. If you don't plan on clearing $50,000 a year, why bother to do it at all?Click to expand...Last edited: Mar 29, 2021
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Pepper24 said: ↑I don’t believe for a minute you saved 4200 on any self employment tax or fica as you claim you wouldn’t even owe 4200 total on an self employment tax.But maybe I don’t understand.I understand a Scop can save you 15% on your self employment tax.I know you know what self employment tax is but anyone that doesn’t if you’ve work for someone on your check your fica is what self employment tax is,it’s not federal or state these are separate taxes.So if 4200 represents 15% savings what was your total self employment tax $35,000 ?you must be clearing about $500,000 a yearClick to expand...
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