Yes you can form an LLC and still lease to a company. Sometimes though an LLC is not beneficial to a single truck operator leased to a company though.
Leasing at Prime
Discussion in 'Prime' started by ironpony, Jun 25, 2012.
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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.CDAT Thanks this. -
I think for many people having the LLC or "company" established helps them mentally separate the business from the household.
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I definitely agree with IP on the liability issue, the days are long gone when you could hide behind an LLC to protect assets. Not sure I would agree on the tax issue, although admittedly I've done no actual research. I'm not looking to argue the point, as I don't have any facts I could use as far as income, write-offs, etc. Was more of a general info type of question for me, just interested in the thought process behind those of you that run a successful lease operation. Appreciate all of you taking the time to offer input on my question, and wish all of you success and safe travels.
Johnsilenteagle Thanks this. -
With newer trucks today, what would be a good truck to lease for fuel economy and better handling? Kenworth T700, Peterbilt 587 or a Freightliner Cascadia. Never ran a T700 or 587 but I have in a Cascadia and loving it. T700's and 587's are luxurious trucks and I always like to see them on the road. Heard the T700 trucks are good for fuel economy and also if Prime have any T680's let me know. Thanks
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When I get a trailer wash out, does the tractor wash come out of my check or is that paid for too?
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Well I opened the link from my email so I thought it was my post. Sorry to aggravate you.
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