Anyone familiar with LLC and/or Partnerships

The partnership between you and your son definitely needs to be under a contract, BEFORE you form the LLC. I'd have the company financial accounts set up so they require both of your signatures not just one and have the account set so ownership is by survivor. I'd also have a life insurance policy on each of you, or take X number of dollars and put it in an account where it can draw interest.

There are like a million things in my head that I could tell you and any one else that reads my coments and thoughts here, but you're better off getting a little bit at a time so you don't over load.

I am writing a book now on becoming a driver, transforming to an Owner Operator then to a full blown company with employees, maybe I better hurry up and finish it LOL

 

Believe it or not it takes a lot of time as I want the information to be correct and as legal as I can get it considering each state has their "own" laws and there is no way I can learn them all. Heck the Federal Laws are 50 books by themselves.

You buy the first one and I'll sign it for ya.
Business solutions are OK, but use the free stuff like the small business administration as they will be your friend especially if you have a minority owned business.

I ask Wiseone if I can post the link to the lawyers that I have dealt with that handled the LLC and other documents.

 

If you have a partner, you DEFINITELY want an agreement drawn up and signed prior to the first dollar earned. Cover everything imaginable in this document.

BEGIN WITH THE END IN MIND

I just went through all this in June - August of this year so it's fresh in my mind.

If you'd like to discuss on the phone, leave me your either on here or via a private message.

 

www.mycbsweb.com setup my LLC for $375. I haven't completed everything yet, but so far so good. Plus, they will handle all of my tax related stuff for $15 a week.

 

There are a couple options that you can use .... one of which is legalzoom.com .... they will incorporate you in I believe Nevada .... they are alot cheaper than what these attorneys are going to charge

Following what everyone else is saying also .... DO get a contract between yourself and your son .... not saying it aint a good relationship that you have .... but my experience years ago with my dad .... it didnt work out ... each person has their own idea of how it should be done .... best thing is get it all in writing saying what each person does and makes .... saves alot on the family fueds down the road

Just whoever you use for forming the LLC (best choice) make sure that they FULLY understand what you are going to be doing .... trucking company .... there might be some changes that they need to make for it all