Owner Operator discussion

Need some advice,
My father has been an o/o for the majority of his career; hes been driving for 25-26 years. I on the other hand got my CDL when I was 19(one day short of my 20th birthday), few years later I can finally drive out of state(NJ) and get a job for otr with my father. We are leased out to a company as a team.
We have one truck at the moment (paid off), two trailers(one paid off, one will be paid off by September) and would like to get another one by end of this year. I'd like to have the O/O title but still drive with my dad. We plan on opening a business soon as well. Is there any "loopholes" around it when we get a new truck? Can he sign over the title of the old truck so I can be consider an O/O? I know how to do all the paperwork, drive, everything like any other O/O just don't actually "own" a truck. Were thinking of finding a driver to put in the truck we have now, once we buy a new truck...
Just thinking for down the road when we file to our own authority, and how it will/could affect me later on. The sooner the better? Your thoughts...?

 

BUMP

 

If we were to get our own authority we would like to find at least ONE team, the rest single drivers. As far as me getting the truck, would it be wiser for him to hold on to it, the only reason we are still debating is the separate insurance policy which you mentioned.
If he gets a new truck and we get our own authority, we were thinking we could drive separate if there was no team freight through load boards. If we COULD find team freight with our own authority we would drive the new truck together and find a driver for the old truck, and get loads for him through load boards as well...nothing is set in stone we are just exploring our options at this time

 

It's been great so far we've been running for just under 9 months leased to a large company. As far as starting the business itself, I'm young and I know insurance is gonna be a big portion of expenses especially if its under my name. Is there a way he can transfer it all to my name in a few years later on down the road, as we I'll be doing this for a living to provide for future mini-me's

 

Great to know, thanks a lot for that information. If we were to incorporate; would it be the same way as the llc would go? We initially thought of LLC but again, nothing set in stone.. is it an easy process to transfer leadership? And if he doesn't want to be listed anymore at all would that be an issue?

 

Thanks Bill,
From what I have researched both have personal protection from debts/liabilities of the business. What sets them apart is the taxation correct? S-corp you don't file a self employment tax rather a portion on the "salary" of the shareholder. LLC you pay self employment tax on ALL income. That's probably what is so great about S-Corp. When out on the road, the majority of trucks I see who aren't have LLC on their doors though .