Leasing at Prime

Discussion in 'Prime' started by ironpony, Jun 25, 2012.

  1. Danfromwindsor

    Danfromwindsor Road Train Member

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    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.
     
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  3. ironpony

    ironpony Road Train Member

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    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.
     
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  4. silenteagle

    silenteagle Road Train Member

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    I think for many people having the LLC or "company" established helps them mentally separate the business from the household.
     
  5. CDAT

    CDAT Bobtail Member

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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.
    John
     
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  6. Emolson

    Emolson Light Load Member

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    Aug 9, 2012
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    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
     
  7. ledzeppelin

    ledzeppelin Light Load Member

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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?
     
  8. ironpony

    ironpony Road Train Member

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    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.
     
  9. ledzeppelin

    ledzeppelin Light Load Member

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    And company? I'm asking cause idk if they'll be pissed about a 68$ wash...
     
  10. ironpony

    ironpony Road Train Member

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    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.
     
  11. ledzeppelin

    ledzeppelin Light Load Member

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    Jun 19, 2012
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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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