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Budgeting for a new trucking company?

Discussion in 'Ask An Owner Operator' started by Sun group, Mar 2, 2017.

Page 2 of 2
  1. Mar 2, 2017 #11
    Toomanybikes

    Toomanybikes Road Train Member

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    Six months ago you had all your new business 'budgeting' figured out. What happened to those plans?
     
    Toomanybikes, Mar 2, 2017
    Toomanybikes, Mar 2, 2017
    #11
    gokiddogo Thanks this.
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  3. Mar 4, 2017 #12
    Sun group

    Sun group Bobtail Member

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    Six months ago we started FedEx ground contracting. That's almost fixed budget( except fuel,tolls etc). But now we have another division starting. New division not contracting with any companies. We are going to deal with brokers. Lot of variable costs going to face. Also we covered everything. Lot of research I did. Imet lot of dispatch companies recently, lot of drivers, lot of experienced O/O. Thank you everyone to help me rather than just asking lot of questions.
    Better we can end up conversation...
     
    Sun group, Mar 4, 2017
    Sun group, Mar 4, 2017
    #12
  4. Mar 5, 2017 #13
    Ridgeline

    Ridgeline Road Train Member

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    Wait a minute. You are already established?

    There is no difference except for a couple items between your fedex operations and something else.
     
    Ridgeline, Mar 5, 2017
    Ridgeline, Mar 5, 2017
    #13
  5. Mar 5, 2017 #14
    Sun group

    Sun group Bobtail Member

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    Yez..I did... Our Inc for Only FedEx ground and LLC for New division....LLC runs not started yet. FedEx have good side because their miles rates changes depends on fuel price. Iam expecting at least $1000 net(LLC) I'm good.
     
    Sun group, Mar 5, 2017
    Sun group, Mar 5, 2017
    #14
  7. Mar 5, 2017 #15
    Ridgeline

    Ridgeline Road Train Member

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    Why would you llc anything, you should just fold it under the corp and make is a division.
     
    Ridgeline, Mar 5, 2017
    Ridgeline, Mar 5, 2017
    #15
  8. Mar 5, 2017 #16
    Sun group

    Sun group Bobtail Member

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    I'm just managing business. Owner is a foreign invester. INC takes away almost 40% tax for foreigners also double taxation. But why we run INC FedEx ground operation because FedEx only accept corporations. LLC I made him sole properator and less tax.
    That was my accountant advise. Anyway lot of hidden costs going to face. Lets run and see...
     
    Sun group, Mar 5, 2017
    Sun group, Mar 5, 2017
    #16
  9. Mar 5, 2017 #17
    Ridgeline

    Ridgeline Road Train Member

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    Well if this is the case, your accountant(s) should have a grip on all of it, especially seeing you have an existing system in operation. There is no difference between the fedex ground operation and the TL/general freight operation, not a bit.

    Your accountant would also understand how to mitigate the double taxation issue, which isn't an issue at all because unless he is drawing a salary off the company plus dividends (aka cap gains), there isn't any double taxation. Furthermore your accountant would understand that the LLC would not provide the pass through status as you think, there has to be an owner involved somehow so making it a division would allow more shifting of tax liabilities back to another entity as a write off, if done right, the llc won't allow that.
     
    Ridgeline, Mar 5, 2017
    Ridgeline, Mar 5, 2017
    #17
  10. Mar 5, 2017 #18
    Sun group

    Sun group Bobtail Member

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    Oh...good info..thanks lot
     
    Sun group, Mar 5, 2017
    Sun group, Mar 5, 2017
    #18
  11. Mar 9, 2017 #20
    Sun group

    Sun group Bobtail Member

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    Thank you for giving your advise and information.
     
    Sun group, Mar 9, 2017
    Sun group, Mar 9, 2017
    #20
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