Leasing at Prime

You can pay a bunch of ol' cigar-suckin' fat boys (aka oil company execs) and their stock owners, or you can pay yourself. I choose to apply a little discipline to my right foot, and pay myself.

Sure, and a lot of folks do. In the lease operator orientation, one of the modules is a talk by a CPA on forming a LLC. After speaking with him, the general reason for this was to, "Get people to start thinking about their business finances separately from their personal finances." Unless you are looking for a vehicle to create a partnership, an LLC really doesn't do much for an individual owner (or lease, lease-purchase) operator. Yup, it helps to have one if you are operating under a DBA - but for someone like myself, its money paid out that really doesn't get me anything.

The IRS collects taxes on an LLC or sole proprietor via schedule C. You really need to go to an S-corp to obtain any tax advantages, and then one needs to have a net profit before taxes that is usually more than we make as a solo lease operator. The myth that it somehow protects your personal wealth from a liability lawsuit, is just that... a myth. A personal injury attorney worth his salt will be able to crack that open handily. Any need of more structure in your business really implies that you've got more business than the one truck that you as an individual operate.

So, there's my take on LLCs.

 

On the lease side, you pay for the tractor wash, and Prime pays for all of the charges to the trailer. I wash my truck weekly.

 

This is the "lease thread" - not the "company thread." Shall we keep it on topic? Last I heard you could wash your truck at least once a month at the company's expense. You probably ought to post this question on another thread.