Crude oil hauling in Northern Colorado.

An LLC is great is your are the owner of the truck because you reap all of the rewards, but since you are going to be the driver then you will be known as what is a called a "sub of a sub".
Which means you will be driving for him and he will still reap all of the pay, but give you a small percentage and make you pay your own takes in the form of a 1099.
What is the amount of percentage he is paying you?

 

25% of nothing is still nothing. Did he give you a rough estimate of what you will be making per week/year?

 

No way I'd do that for 5 to 8k a month. Go find a better deal. You can do that kind of money as a company driver with benefits.

 

IF you are going to do this "1099" you will have to keep all of your receipts for taxes at the end of the year.
8k a month for a year is $96,000 so you will have to roughly put back $30,000 for taxes that you can't touch.
$60,000 a year for hauling crude oil is cheap my friend. I'd find something better if you can.

 

Find a starter company and work for them for 6 months. Like MBI Energy Services in ND. Get your foot in the door with a company like that and dump them after a 6 months.