Asking for your thoughts and guidance....

Lol... Yes I have a 6 horsepower Waterloo Boy that was built in 1914 before John Deere bought them out just so they could have a tractor to sell. It runs like new just as my Meadows gristmill does that was built in February 1916. Also have a 20hp Bessemer engine with a 9 1/2" bore / 15" stroke and 68" flywheels. Weighs about 2 1/2 tons, and guess what?? It runs on propane or natural gas but.... Doesn't have a spark plug, doesn't have a battery, actually there is no electrical power at all on it. All that's need to start and run it is fuel, air, and a match.
This is something I tell everyone..
Our forefathers were very intelligent, don't never forget that.
Get on YouTube and look at 1929 Bessemer engine 22 1/2 HP. Not my engine but same design, his has a magneto but mine has a "hot tube". But I would like to have a steam engine.... Oh yea!!

 

An LLC provides no lawsuit protection if you are driving. They will sue truck owner (LLC) and driver (you). It only protects your personal assets if have a driver working for you. There can be tax be benefits to an LLC (S-Corp).

 

Never heard of it, but with the big flywheel it must have some torque.
I need a small tractor and can't wait til the first Saturday in March for the local giant consignment auction to hopefully get a nice older one.

 

DL550CAT is right. But where I differ with him would be imo, for a one truck owner/operator with no ambition beyond what he or she can drive, sole proprietor is the way to go. Keep it simple and get a good tax advisor.

 

I'll second this.
you'll be fine..IMHO.

 

Rc and dl550cat are correct. You will get absolutely no protection from lawsuits if you are actively involved in the business. An llc is really only a benefit of you can hit the magic profit number of where you start to save on taxes. Very few 1 truck guys do.

 

30 years ago when self contained commercial parasail boats were not yet in production me and a few friends had the whereabouts to build and rig one.

Non of it would not have been possible without the old timer who was the fabricator and welder. The man was a gift from God. I would visualize a change and dream up a new part to be fabricated and all he would say is see you tomorrow. Around 6 . The part would be more than you dreamed of and the price was nothing compared to the joy he had just impressing you with what he could come up with.

So where this story is going is this man Loved to restore old steam engines and had many in various forms of running and restoration.

So cool to see the ingenuity and simplicity come to life when he fired the many he had up.

Great memories, RIP My old friend Bill

 

We are in agreement I would suggest sole proprietor for 1 truck and you driving it. I was just saying there might be a tax benefit.... and maybe not.

 

I respectfully disagree with those who say you should be a sole proprietor with a single truck operation. Anyone who has intentions of earning a profit, no matter what business, should create a corporate structure, llc or s corp. The pros are many and the cons are only the initial costs and annual filings. True, you are not protected from the liability of an accident, but if you create corporate credit without using personal credit, you protect Your personal assets from your corporate creditors. If you earn a profit above a reasonable salary, you avoid self employment tax (FICA) on that amount above the reasonable salary. Who doesn't intend to earn more as an owner than as a company driver? You create a professional image, which is a benefit to your company when dealing with suppliers and the company for whom you haul.

Aren't those worth the initial start up and $75.00 annual fee?

 

Maybe I read it different, but I think 'Coal recommended "starting" as a sole prop. Old School could always incorporate later if things look like they will work out. Also would allow him to choose a year end that benefits him most.