Another s corp question.

Discussion in 'Ask An Owner Operator' started by Bigwin123, Sep 28, 2020.

  1. Bigwin123

    Bigwin123 Medium Load Member

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    I found a truck in my price range. So I'm ready to move onto the next step.
    I'm going to start a S corp.
    My question is, does the share holder have limitations to what they can do.?

    This is a real question. Finally gonna step up to the plate.


    1) secure truck financing. ( done)
    2) start and register S corp (not done)
    3) find cpa. ( 50 % done but I got a real iffy feeling, they said they can figure it out. Trucking can't be that complacated)
    4) find out where to get a 2290 and what it actually does
    5) DOT inspection
    6) Go to work learning how to run a business.
    7) small operating capital, cash. Under 7k
    But truck will be paid in full when I pick it up.

    I've spent five years learning how to drive. Now I gotta learn the rest.


    This will be my go thread for the next couple weeks so I can get things done in the right order. And not start muilty threads on the same topics. I will be leaseing to land star. So I known I don't need everything that some one with their own numbers will need. After bouncing off and on this site for about four years. I'm sixty days away from my first settlement.
    Thanks every one mods and all.

    2016 cascadia DD13. Automatic 12 speed. 426k miles. Owner financing. No major break downs as of yet. But all paper work and mileage reports where on hand.
     
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  3. Chinatown

    Chinatown Road Train Member

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    Post a photo of your truck when you can.
     
  4. blairandgretchen

    blairandgretchen Road Train Member

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    South west Missouri
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    I can try to help with the LS questions when I have time.

    Find a solid CPA.

    2290 - Internet search - I advise using the 3rd party and paying the fee - mail receipt is way behind this year. It’s the fee for owning a big truck - that’s it.

    $7k cash is thin - hope you’re flush elsewhere.
     
  5. truckdriver31

    truckdriver31 Road Train Member

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    you got a real ID or passport. I had to go in person to the irs my first year getting a 2290. had to set up ein number and all
     
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  6. truckdriver31

    truckdriver31 Road Train Member

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    did you run a rig dig report on vin#
     
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  7. pavrom

    pavrom Road Train Member

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    ...lol ...this is where i smell problem already ...i believe astronauts getting ready faster to be in the open space :))))
    Ps : in russia they teach a bear to ride a motorcycle in the circus and it takes 6 months
     
  8. pavrom

    pavrom Road Train Member

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    ...its actually very simple and profitable ...
     
  9. Rideandrepair

    Rideandrepair Road Train Member

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    You can file S Corp papers.In the type of Business section, Put down “Interstate Trucking” In Ownership section put Your Name, as President. In shareholder section, put 1000 shares wholly owned. Once ein is issued, and Truck is in your name, pay 2290,( Highway Use Tax) I used Express Truck Tax, this year, based on others advice. Last yr 2290.com messed my filing up. Gave Me a paid receipt, I actually got my plate with it, but they never filed it. Had to re file with a small penalty. Normally it’s $550 per yr. You’ll Pay a $400 or so fee, for the remainder of the current June 30th to July 1st annual period. Print copy of 2290. You’ll need it to get an IRP plate. If Landstar provides one, good. If not, you’ll also need a copy of Lease agreement, and proof of insurance ( Landstars or whoever you’re Leasing to, Public Liability insurance) .Chances are Landstar will handle everything, all you’ll need to do is give them the paid 2290 receipt. I made it sound complicated, just trying to be clear. It’s pretty simple. Good Luck.
     
  10. truckdriver31

    truckdriver31 Road Train Member

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    did you have to get 2290 in person your first year.
     
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