50/50 starting owner op team drivers

I would consult with a lawyer in situations like these to protect both parties.. to easy to get screwed these days and as others have mentioned friends teaming might not be friends to much longer.. it's a rough gig and you are all up in each other's space 24-7.. good luck

 

Seems your husband's business partner just took on more risk than your husband. He should have your husband on that truck note just to hold his feet to the fire also. If they got a loan I will bet they are already upside down on the loan before they left the dealer. If they run it like a team until it's completely paid for what's the real value of the truck when there done with it? maybe 20.000 or even less? And then they would split that? Depending on the other details and fine print of the business I wouldn't have a problem with the truck not being in my name. Sorry but odds are this partership is not going to work out anyway so your husband might be dodging a bullet early on in this venture.. Trucks are easy to get its hard to get rid of them.


Edit.. If they run like a true team I will give them less than 6 months and they will hate each other and want to go there seperate ways.

 

its really not uncommon to split pay a lot of guys in my area that run containers pay there drivers on a 50/50 split It doesn't include truck the split happens after fuel.I don't think you are your husband understand what he's talking about,I don't think he's offering up the truck as 50/50 ownership.If that's the deal I personally wouldn't want to get involved in that kind of deal

 

hey there, hope you are doing good. how does one aquire a company number? my husband and brother are team drivers , in the future they plan to be owner op, what is the best advice u could share when getting EIN numbers and so on, thanks in advance.

 

We only ran our truck leased on to a carrier, so we just used their authority.
As for a numbered company. This was done in Alberta, Canada. Up here the local registry office had a pile of numbered companies all ready to go, just paid the registration fee and off we went. It saves the expense of doing a Nuans name search to see if a name you want is already in use, and then try to dream up another name to use. Seeing as we were just running under a carrier, we didn’t need a proper business name.

 

got you, thank you so much!

 

The only way to figure this out is to do the numbers. Running dry van team they should GROSS app $7-7500. After truck, fuel,insurance, .08 per mile into a maint only bank account etc.. they should have $5-5500 left. So that's $2500-2750 for your each. How much would your hubby be paid if he was paid after expenses? (I think 50-75% less) so yes if they do as planned. WHEN things go sour. Hubby will walk away with no ownership in truck. But how much more or less will be in bank. If he gets paid after expenses. *note numbers are for example only*

 

I see a weekly drama in the making here. LOL!

 

Thanks for the input, currently they haven't acquired a truck yet and are still getting their one year OTR experiences. They are thinking of getting a truck may be from lone mountain but not sure and join landstar for more experience before becoming owner ops. I don't know what the future holds but am confident if they stay true to each other as they have always been like brothers, they may make things work, finger crossed lol.

 

lol, what do you see in the future?..haha