Contracting with USX, an exercise in futility?

No surprise there..usx has been & always will be extremely dysfunctional and very disorganized.

 

Who is Lone Mountain? Are they a trucking company? Are leasing a truck through them to drive for them or are you leasing a truck through them and then are still going to be driving for USX? If it's the former, then USX has no business in your business. If its the latter then I can understand

 

in order to license the truck they need a copy of the title and also a copy of the paid 2290.

 

Sliding scale pay for o/o = No.

 

First off, never EVER heard anything good about Lone Mountain. Never had any personal experience with them but have a couple friends who tried their program and wound up broke and owing Lone Mountain more than double the original price of the truck but again take that with a grain of salt, hearsay you know.

As for leasing to any company where your running their plates be it USX or anyone else they have to have a copy of your title so they can plate the truck. In addition they will need a copy of the 2290 showing that its paid. As for needing a copy of your lease/finance agreement, I suspect it's to make sure that in the event you default on your lease/loan that the financing company can't take their trailer along with your truck or some such nonsense.

No, you don't need to incorporate or anything like that, you can run the truck as a DBA but in my opinion doing it that way is foolish because your putting yourself and everything you own personally at risk in the event of a lawsuit (accident). Better off with an LLC. Don't and I repeat DON'T put some bogus made up name on the door of the truck. That will cause you legal problems you'll never see the end of if your ever involved in an accident. If the truck is owned by you then you can put your name on it otherwise I would advise against anything else.

Remember, every dollar paid to your DBA is not your income. You will be responsible for all your own taxes which have to come out first. You will also need to make quarterly estimated payments to the IRS and State or the penalties next tax day will kill you. Then you need to figure maintenance and that comes out first as well, into an account that is for maintenance, not an account you borrow from to get the latest satellite receiver, laptop, flat screen TV etc. That account is for when you blow a clutch, spin a main bearing, burn out a fan clutch, blow a wheel seal, drop a valve, blow a turbo, loose and air compressor etc. If you don't set that money aside at the beginning and wind up having to borrow from USX to fix your truck you face better than average odds of never getting your head above water again.

So in short to answer your original question, no you do not need to set up a business to lease to them but if your getting your own truck aren't you starting a business? So the wise choice would to be set up a business, get an LLC, find a good TRUCKING accountant and run it as a business. Starting a business and not setting up a business is a recipe for failure.

 

just incase no one says thanks, let me. strait forward answers to questions that i'm sure a lot of others had as well.

 

Thanks back at ya. I don't believe in sugar coating or talking about things I don't know or have experience with. Everything except the comments about Lone Mountain are from personal experience.