Best way to create your business entity? Tax friendly states?

Discussion in 'Ask An Owner Operator' started by silenced140, Jun 21, 2019.

  1. silenced140

    silenced140 Light Load Member

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    I'm considering becoming an owner operator so I'm trying to learn more about the business side of everything. I would just be leasing to a carrier.

    I was thinking about just forming an LLC which shouldn't be too complicated from the looks of it. Are there any better alternatives?

    Also....

    And how about TAX FRIENDLY STATES?? I am currently an Oregon resident as I've grown up here. However I feel like it would be stupid to throw away 6% of my income if I didn't have to.

    Is it as simple as getting a Nevada CDL and then forming my business there to take advantage of the tax haven?

    Thanks!
     
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  3. REO6205

    REO6205 Trucker Forum STAFF Staff Member

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    Do you have any actual hands-on trucking experience?
     
  4. Ridgeline

    Ridgeline Road Train Member

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    Talk to an accountant, let them show you what you need to do.
     
    silenced140 Thanks this.
  5. Cat sdp

    Cat sdp . .

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    Tennessee.....
     
    iledbett Thanks this.
  6. 77fib77

    77fib77 Road Train Member

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  7. silenced140

    silenced140 Light Load Member

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    It worries me that I decided to ask this question on some internet forum when that would have been the most logical thing to do in the first place lol. Will do, thx!
     
  8. silenced140

    silenced140 Light Load Member

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    I'll have a look. Thanks!
     
  9. silenced140

    silenced140 Light Load Member

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    I wouldn't call myself experienced, but I do have a 1.5 years. 2 winter seasons. So not a bunch but I'm seasoned enough that I feel comfortable performing the job. I'm pretty positive I can start making the next move and taking on the business end of it.

    I am only really looking at leasing to a carrier on percentage basis. Just want to start small. Trying to learn more about establishing a business entity and acquiring a rig of my own. Definitely want to make sure that I go about this in the best of ways though.
     
    Dino soar and REO6205 Thank this.
  10. GraniteRiver

    GraniteRiver Light Load Member

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    I form them in Wyoming and I’m based out of there despite living in a different state. Yes they are cheap to form, $200. PM me if you want more details.
     
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