What are the first steps....

Very good post. I'm starting to begin my research as a o/o and this place has helped me so much. Thanks everyone

 

BronCrider:
Would you send me a copy of your BP?
Thanks.
t.

 

I can make a few suggestions having been an independent contractor for 20 years. First go down to your local book store and get a book on basic bookkeeping, your going to have to take care of your day to day accounting yourself and knowing how to do it properly will save both you and your accountant a lot of problems. While your at the book store get a copy of J.K. Lassers tax book and study the heck out of it. You want to be able to take all possible deductions but not get crosswise with the Infernal Revenue Service.
Now you need to find an accountant who understands the needs of the trucking industry which is rather specialized in its requirements. An accountant's costs will sound a bit expensive but believe me if you have to withstand an audit it will be worth it, besides you can write him off your taxes.
By now it will have occured to you that a computer will be handy to keep your daily books on and your right but the software is what makes it fly. When I was pipelining I used Quickbooks Pro to keep my accounts. I used a generic template with a little reworking and was happy but as I stated earlier trucking is rather specialized so you'll need an accounting package for trucking. Google trucking software, there are several good packages out there and remember you can write of your shiny new laptop and software as business expenses.
Lastly you will need to shop around for a good bank as you will need to open at least two business accounts. The first will be your operational account, this is what your day to day expenses, including your own paycheck to yourself(your accountant will explain why this is important)come out of.
Your second account will be your capital reserve account. This account will be used only for major expenditures such as having your engine or transmission rebuilt and to cover eventual replacement of your tractor though I recommend assets over $20-30,000 be placed in interest bearing instruments such as certificates of deposit and a municipal bond fund(which is tax free) for long term savings.
Being your own boss can be rewarding if handled right but it takes work to be successful. Time and effort are the coin of the realm and the only person who can make it happen is you. Good luck

 

thornapple......it's posted here in the o/o section...page 2 about halfway down...labled wegner's trucking...ill try to post the link for you....btw you need microsoft word to open it...unless someone fixed that issue

http://www.thetruckersreport.com/tr...r/23807-wegners-trucking-llc-a-sample-bp.html

 

Bron:
Thanks I got it.

 

Would someone please explain what a "process agent" is? Do I need to hire someone or can I have my partner or lawyer do it? How can I find a good lawyer who knows trucking law? I just got my DOT# and registered for my authority and my mail box has never been so full.

Thank you in advance

Rose