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Do carriers pay you as individual or LLC?

Discussion in 'Questions From New Drivers' started by cargobeep, Jan 21, 2022.

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  1. Jan 21, 2022 #1
    cargobeep

    cargobeep Bobtail Member

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    Hey everybody,

    Looking into driving a 26' box truck and signing on with a carrier.

    Do carriers pay you as an LLC? Or as an individual?

    Would they use my EIN or my SSN?

    Thanks.
     
    cargobeep, Jan 21, 2022
    cargobeep, Jan 21, 2022
    #1
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  3. Jan 21, 2022 #2
    Wasted Thyme

    Wasted Thyme Road Train Member

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    Simply yes. Depends on how you fill out the paperwork.
     
    Wasted Thyme, Jan 21, 2022
    Wasted Thyme, Jan 21, 2022
    #2
    cargobeep Thanks this.
  4. Jan 21, 2022 #3
    cargobeep

    cargobeep Bobtail Member

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    Thanks.

    Is it common to sign on as an LLC?
     
    cargobeep, Jan 21, 2022
    cargobeep, Jan 21, 2022
    #3
  5. Jan 21, 2022 #4
    wis bang

    wis bang Road Train Member

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    What does your accountant reccomend?

    Usually once you set up the LLC you would have the truck registered and insured in the corporate name and the lease would be in the company name using the corporate EIN
     
    wis bang, Jan 21, 2022
    wis bang, Jan 21, 2022
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    cargobeep Thanks this.
  7. Jan 21, 2022 #5
    Six9GS

    Six9GS Road Train Member

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    There are advantages and disadvantages both ways. Setting up and using an LLC generally offers more flexibility, some of which can have drawbacks. But, LLC also requires more complexity and unwise to go that route without a decent accountant to keep everything legal (the devil's in the details). Most folks with 3/4 of a brain can administer things without an LLC and keep things legal. Although either way, a decent accountant is a good idea, but does add an extra expense.
     
    Six9GS, Jan 21, 2022
    Six9GS, Jan 21, 2022
    #5
    cargobeep Thanks this.
  8. Jan 22, 2022 #6
    cargobeep

    cargobeep Bobtail Member

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    I would plan to use an accountant, but at this point I'm just doing recon on the idea of signing on as an LLC.

    But you lost me a little here.

    1. Truck will be registered and insured under LLC. Yes, of course.
    2. "Lease" would be in company name. ?

    You used "corporate name" in the first sentence, and then "company name" in the second. Are you using them interchangeably?

    Is the "lease" the contract to drive for a carrier?

    Bear with me. If you don't want to answer, it's okay. But don't flame me, please. Just trying to understand as a newbie.

    Thanks.
     
    cargobeep, Jan 22, 2022
    cargobeep, Jan 22, 2022
    #6
  9. Jan 22, 2022 #7
    cargobeep

    cargobeep Bobtail Member

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    What kind of drawbacks, specifically, if you don't mind sharing?
     
    cargobeep, Jan 22, 2022
    cargobeep, Jan 22, 2022
    #7
  10. Jan 22, 2022 #8
    Wasted Thyme

    Wasted Thyme Road Train Member

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    Yes company/corporation are the same thing.

    If you create an LLC. It's common sense to do everything through that. You're an employee of your LLC. Not the company you are doing business with.
     
    Wasted Thyme, Jan 22, 2022
    Wasted Thyme, Jan 22, 2022
    #8
    cargobeep Thanks this.
  11. Jan 22, 2022 #9
    cargobeep

    cargobeep Bobtail Member

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    With a 26', is it called LTL or Expedited? I thought it was LTL, but does that have more a local driver connotation, rather than OTR?
     
    cargobeep, Jan 22, 2022
    cargobeep, Jan 22, 2022
    #9
  12. Jan 22, 2022 #10
    Wasted Thyme

    Wasted Thyme Road Train Member

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    Typically LTL involves a 48-53' trailer. Box truck is typically expedited. Not to say that there can't be exceptions.
     
    Wasted Thyme, Jan 22, 2022
    Wasted Thyme, Jan 22, 2022
    #10
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