Lot of good heads on the forum here so I want to ask for some guidance. Been doing a lot of reading, but things change as the years pass and I'd rather ask those that are seasoned in the O/O world. I've put a lot of miles in over the years but mostly as an employee. I left the world of the windshield do to my wife's health (heart), Been working for my cousin here locally so I could be home. My cousin has been very successful over the last 15 years catering to longwall mining. He sells new, as well as cleans old filters for the hydraulics, also sells new control valves and rebuilds old ones that are used on the longwall miners. Well, as we all know the "war on coal" has demolished many jobs, mine included. My brother in law works for Fletchers in Huntington which is big into coal, he is barely hanging on, and may lose his job in the next few weeks. I have spoke with a local company and they are more than willing to have me lease onto them. I own the truck, 1995 W900, and yes I know it's an older truck, but I know that my 102 year old engine I have is more reliable than a new one, I like older things, and I can work on every bolt and nut myself. As the owner and the driver I will be leasing to this company pulling their freight, mostly over length with stretch trailers, and some over size. I will only have and own the truck...for now. What advice would any of you give me as far as setting myself up to go into this part of the world? By that question I mean should I have a LLC, or Corporation company of my own or...? The only thing really in my name is my pickup and my Harley, kept the house in my wife's name only for now. I'm going to be doing a lot of PM work on the truck just in case, while getting other things together. I don't want any problems on the road, and I can't stand a darn oil leak so all axle seals are being replaced needed or not as well as other things. Appreciate any thoughts or guidance.
Asking for your thoughts and guidance....
Discussion in 'Ask An Owner Operator' started by OLDSKOOLERnWV, Jan 28, 2016.
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taxihacker66, Dominick253 and rachi Thank this.
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You would be wise to form an LLC and plate your truck and lease the company to the company you will drive for. This is a protection for you incase of a lawsuit or accident. You can have a local attorney do this for you, contact an online company like Legalzoom.com or do it yourself on the state .gov site. Make sure the insurance is also set up through the company, not your own name. Also, you will want a separate business checking account set up for direct deposit. When it comes time for a paycheck, you can have the business account automatically deposit your specified paycheck into your personal account.
Dominick253, wore out and OLDSKOOLERnWV Thank this. -
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I wanna say my LLC only cost 75.00 dollars to have drawn up. I would say its the way to go.
As far as your ol truck not that you are but I wouldn't sweat that in the least. My newest one turns 30 this year, like you I can't take an oil leak. They just take a little extra attention. I have read enough of your post to say I think you will do wellJoeyJunk, tommymonza, scottlav46 and 1 other person Thank this. -
You are ahead with that 95 KW. Like you said it is more reliable than those new one. New and improved isn't always better. I have a (97, 98,99) and I tell others a lot times, they have proven themselves can't say the same for some of these new ones. I would set your company up as Gfarmer said. I hope all goes well for you. I hope your wife is doing well also.
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JoeyJunk Thanks this.
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I can't help Old School.... Different tax rates on the corporate structure and stuff up here but you'll be fine in that K whopper. I'm looking for a '95 or older actually so I'm actually a little jealous. Good luck
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A 102 year old engine?
But then you are in coal country to make the steam.
@jdrentzjr used to post about how useless a llc was,
And I like coal produced electricity, it's cleAN and cheap. How can that be bad?OLDSKOOLERnWV Thanks this.
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