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Team driving?

Discussion in 'Experienced Truckers' Advice' started by Hello92, Jun 3, 2021.

  1. Jun 3, 2021 #1
    Hello92

    Hello92 Bobtail Member

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    Feb 22, 2021
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    Has anyone purchased a truck with a friend and started team driving?

    any advice?

    also,
    When you do taxes, are you two owners filing separately or do you have to create a company and file taxes under the company.

    all comments help. Thanks
     
    Hello92, Jun 3, 2021
    Hello92, Jun 3, 2021
    #1
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  3. Jun 4, 2021 #2
    Moosetek13

    Moosetek13 Road Train Member

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    Nov 1, 2010
    Burnsville, MN
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    Maybe you should get some experience as a company driver for a year or two before you buy a truck?

    Your questions reek of zero experience in this industry.
    And you do NOT want to go into this blindly.

    Learn the trade, and learn what you need to know to own your own truck before you do it.
    Asking here in this way is not the way to do it, because you should know those answers well before you buy your own truck.
     
    Moosetek13, Jun 4, 2021
    Moosetek13, Jun 4, 2021
    #2
    TripleSix, tscottme and kylefitzy Thank this.
  4. Jun 4, 2021 #3
    uncleal13

    uncleal13 Road Train Member

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    Yes I did that for five years. We had a joint company that paid our individual companies, that then paid us separately.
     
    uncleal13, Jun 4, 2021
    uncleal13, Jun 4, 2021
    #3
  6. Jun 4, 2021 #5
    Hello92

    Hello92 Bobtail Member

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    Feb 22, 2021
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    thanks for your response. I definitely don’t know. I’m asking for my spouse. He has about six months experience solo driving with a company. I’m not sure about the friend. He’s wondering if they both pay for the truck, will they have to file taxes as a company or can they still file taxes separately.


    This post/website is for getting answers. I’m just trying to get some answers. We’re not signing a deal tomorrow. Filing taxes like this is also very new to me and relatively new for him. If there is another place to get answers, please direct me to there because I need them.
     
    Hello92, Jun 4, 2021
    Hello92, Jun 4, 2021
    #5
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  8. Jun 4, 2021 #5
    Moosetek13

    Moosetek13 Road Train Member

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    Nov 1, 2010
    Burnsville, MN
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    Aside from taxes, has he figured out the truck costs, fuel, insurance and all that?
    There is a O/O section in this site, and they could probably help you more.
     
    Moosetek13, Jun 4, 2021
    Moosetek13, Jun 4, 2021
    #5
  9. Jun 4, 2021 #6
    lester

    lester Midwest's #1 Feed Hauler

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    NW, Iowa
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    Going into business with a friend is a great way to make them your enemy. Bad idea
    But...
    Either one person buys the truck and just pays the other or you form a company together and the company buys the truck, pays for all expenses and such. Then the company pays the drivers....

    Just a horrible idea to go Into business with a friend. Plenty of posts here about it
     
    lester, Jun 4, 2021
    lester, Jun 4, 2021
    #6
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  10. Jun 4, 2021 #7
    loudtom

    loudtom Road Train Member

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    Aug 26, 2016
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    Look into forming an LLC partnership. You can set the ownership based on who puts more into the business, or you can 50/50 split. Both partners get a K1 for their share after the company taxes are done. Then you file individually with the K1.

    What everyone else says is accurate, too. Teaming is not for everyone. I can barely sleep while the truck is moving. Sometimes my partner doesn't appreciate my constructive criticism. Insurance is going to be expensive for someone with only 6 months of experience. After a year is when it starts to get normal.
     
    loudtom, Jun 4, 2021
    loudtom, Jun 4, 2021
    #7
  11. Jun 4, 2021 #8
    Wasted Thyme

    Wasted Thyme Road Train Member

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    Also only 6 months in is WAY too early to be even considering this type of situation. He has no clue all that is involved yet in this industry. How can I say that? Because I've been doing this for around that same time. I can tell you there isn't a day I have not encountered something new so far. I'd strongly suggest he consider waiting at least another 6 months, if not a year, before even entertaining this kind of thought.
     
    Wasted Thyme, Jun 4, 2021
    Wasted Thyme, Jun 4, 2021
    #8
  12. Jun 6, 2021 #9
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    May 28, 2009
    Rancho Mirage, Ca.
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    If you are adventure seekers, then do it. The worst is you fail, and start over. (coming from a driver that bought a truck and leased it on to American red ball movers) 1976. Truck school, buy truck, lease it on, start driving. Only advice I had was from truck school owner. Parker Smith, Federal truck school, Orange,Ca. Great memories
     
    Allow Me., Jun 6, 2021
    Allow Me., Jun 6, 2021
    #9
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