Life at American Central Transport (ACT)

Cool, thanks! By the way, I enjoy reading your posts BigKid2. They are very informative.

 

Ok here we go . anybody give a lease rookie some info on what i need to set up b4 i go to orientation. do i need to set up a account with a cpa. do i need to get a llc. I want to be able to have everything set up so all i got to do is drive . im on vacation now so this good time get my ducks in order

 

If you get a good accountant that knows about trucking you should be fine, thats what all the o/o say where I work.

 

For tax purposes you will be a sole proprietor. There is very little upside to incorporating at this point especially if your intent is to try to limit your exposure to lawsuits. In the event of a serious accident the lawyers suing you will "pierce the veil" of incorporation and attach your personal assets. Better to get a decent umbrella type insurance program that will cover your business and personal liability combined. a 10 mil policy should be adequate.

You can find reputable tax accountants in every state but finding one that specializes in "truck driver tax returns" is what you really want. ATBS is one of the major players in tax prep for independents, o/o's, and l/o's.

John Turner, based out of Houston Tx, is a regular guest on the Dave Nemo Show and the Lockridge Report which also seems to be very competent when it comes to trucker tax issues.

Another Tax Expert is named Esta Klatzkin. She is an enrolled agent and has a site called "know taxes." She is also a regular guest on the Lockridge Report who answers truck driver questions about their taxes.

Any of these tax preparers will be happy to have your business and will take care of you.

 

Wouldn't doing a LLC be just as good? 10 million in insurance just to be safe seem a bit on the "not needed" side!!

 

Most new start ups are under capitalized and simply use the LLC as a shell. Others co-mingle business and personal expenses which sets the stage for piercing the veil of incorporation.

Typicallly the expense of setting up an LLC correctly will cost more in the long run and requires more attention to detail than the basic sole prop.

The following article may help you understand the possible pitfalls;

http://www.llc-made-easy.com/piercing-the-corporate-veil.html

I am not endorsing this company I am simply trying to point out there is more to setting up a corporation than many think.

A simpler alternative is to have all personal assets in a trust for your children and run your business as a sole prop. At least until you have established yourself and are generating enough profit to balance the increased costs of incorporating and yearly filing.

Remember most new startups will fail within the first 2 years.

 

Everybody go on vacation. freight slow . chat slow.