So you want to "own " your own company

Why don't you buy the truck in your personal name rather than in a company name? Would you still need a DMV corporate code?

 

I'm not sure if your getting the two codes mixed up?i have corp tax code for the business name.In Nj you have to also get a DMV corp code to put commercial truck in company name.If I put the truck in my name I would not need the DMV corp code.Excuse me if I'm wrong. What I'm trying to accomplish is protecting my personal assets and the company as well.

 

You may want to do a little more checking on what real protection doing an Inc is going to provide you.

Most sole prop that do this are only doing it for tax purposes. But check with experts that are not just looking to dell you something.

 

If the MC# is in a corp name then the equipment must be in the corp name or have a rental/lease agreement that gives the corp complete control over the equipment(not the FMCSA lease)to be able to deduct expenses,depreciate,ect. Otherwise all that belongs to the legal owner.

If his corp is a NJ corp then he isn't liable for NJ foreign corp registration(100,000.00 or less is 520.00/year)

Quite a few state require DMV codes to title/register in any but a personal name.

 

Speaking only about NJ taxes not federal, do you have to have a NJ corp tax number and a NJ DMV corp number as well? I know you don't need the standard NJ corporate tax number if you're a sole prop. As BBB was insinuating, you won't protect anything if you are the only driver, as the driver will always be named in any crash litigation as well. An S corp will allow you to take some tax benefits on profit over and above salary, but that is it. I don't know of any real benefit of being a sole owner LLC trucking company, where the owner is the driver as well. Maybe someone can enlighten us. An S corp or LLC would be of real benefit if you added trucks and drivers, helping shield your personal assets, if they were to crash.

 

There can be some tax advantages to owning equipment personally and leasing to the corporation. Some states have a property tax for any corporate assets. It is paid each year based upon the value at the time. Individuals often do not have to pay the tax. I would encourage you to contact a tax perfessional in your state and ask which is the best way to go in your situation.

 

I still have more to learn.....darn it!

 

Hello everybody, I have a question, recently bought a truck in TN, brought it to IL, and applied and registered, got plate!
The other day I received my title, and RUT 25 filled out form, saying that tax due is certain amount of $. My question is, when do I pay these taxes, or do I pay these taxes right away, or wait for new tax year? Thanks for your time guys....My truck is registered, and ready to work..I am little confused about this, newby!! thanks for your help!

 

Are you talking about Heavy Vehicle Use Tax? Or are you not leased to someone or have your won authority? If you are not set-up for interstate commerce they are going to want you to pay sales tax. If that is the case then email me and I will help you work though this.

 

Thanks Bill, I actually set up a lease with the company on Thursday, and got the title and this RUT 25 form in the same envelope on friday! I guess that is a IL sales tax for the vehicle I brought from out of state!!