Asking for your thoughts and guidance....

Discussion in 'Ask An Owner Operator' started by OLDSKOOLERnWV, Jan 28, 2016.

  1. OLDSKOOLERnWV

    OLDSKOOLERnWV Captain Redbeard

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    Nov 29, 2011
    West Virginia
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    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.
     
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  3. Gentlemanfarmer

    Gentlemanfarmer Medium Load Member

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    Feb 26, 2010
    Greenville, FL
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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.
     
  4. OLDSKOOLERnWV

    OLDSKOOLERnWV Captain Redbeard

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    Thank You.....
     
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  5. wore out

    wore out Numbered Classic

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    CHASIN THE DEVIL'S HERD
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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 well
     
  6. ibcalm19

    ibcalm19 Road Train Member

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    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.
     
  7. OLDSKOOLERnWV

    OLDSKOOLERnWV Captain Redbeard

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    Wore Out I truly appreciate your vote of confidence. Back in the early 80's Dad was elected with 70,000+ other mechanics to go and do a text for GM consisting of 8 topics if my memory is right. Of the 70,000+ he was one of the top 10. Not bad for a Hillbilly lol! He has been retired for a number of years now, but he really has a spark in his voice just thinking about helping me on the truck. It will be good for him to feel needed. And yes I will be sharing a lot of pics on the repair or PM work, hopefully it will help the younger / newer drivers with a little "do it yourself" knowledge. Once again Thank You.
     
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  8. OLDSKOOLERnWV

    OLDSKOOLERnWV Captain Redbeard

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    West Virginia
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    I have a 1977 truck and a 1980 Transtar 2 but just wanted something a little newer that I can work on myself and not be skinned alive out on the road.
    Thank You.
     
  9. rank

    rank Road Train Member

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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
     
  10. OLDSKOOLERnWV

    OLDSKOOLERnWV Captain Redbeard

    18,592
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    West Virginia
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    Thank You Rank. I went and looked at a 88 Freightliner I found on Craigslist in eastern KY, black with blue stripes. I remembered parking beside of it when it was new, I was driving a 1984 Autocar at that time. Anyway Dad and I go look at it... Wow!! I seen $5000+ just fixing the rear suspension and putting a 5th wheel on it. Then found a 79 W900 up in PA so I go look at it, Drove it around, had no turning radius to the right...hmmm... Pitman arm is hitting the battery box under the cab not allowing the wheels to turn. Frame had been spliced with Pete air ride, big flat top. But my gut told me NO! I have looked at a few. This W900 though my gut told me it was ok. It started it's life as a glider so it actually has a big cam 400 instead of a N14, and I like that, but that's me. Thanks again.
     
  11. tucker

    tucker Road Train Member

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    image.png

    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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