Switching over to O/O

I went through a small chain bank in Arkansas. 5.45% interest, no down, first and last payment due up front. They did it all under my business name through their equipment finance division. My dad asked me if I took a gun with me when I did this. Cleaning up your credit or having great credit already, as in my case, opens lots of doors. If your credit isn't great check out Lone Mountain. They have reasonable payments on used trucks for lease.

 

How? Your mew llc has no credit

 

Their decision to do it as an equipment finance loan was based on my personal credit history. Everything I have done thus far has my LLC all over it. I had to sign as a guarantor for the loan though. That guarantor form I filled out is the only document related to my LLC that has my name on it other than being listed as the owner of the business. My lease agreement with my carrier is the same. They pay my settlement directly to my business and the LLC then pays me.

 

Ok, I should be hearing from my bank on Monday everything looks good according to the underwriters I to havea llc, so by the company put your settlement in llc account the you pay yourself the llc should be able to get a line of credit soon

 

Must be a Western driver lol

 

I pull for a small carrier in Arkansas.

 

I was just kidding lol

 

First, don't barrow from friends and family. They need to consider any money a gift.

You need to figure out what you daily overhead is going to be. Calculate in repair time, vacation, holidays, ... and get a business figure of what you need everyday to bread even. Then get the same number with personal expenses.

I like to see guys do this because in a down market you need to know what it is costing you to sit. Often you are focused on the daily revenue. And if you can't be profitable or breakeven with a short load then you need to rethink things.

Lots of other things to discuss but if you can't make money then the other items are academic.

 

does that allow you to claim less on your taxes since your LLC pays you as if your an employee for the company?