Asking for your thoughts and guidance....

How aboUT insurance
Your own name or company name

 

Move south to TN and incorporate in DE!

 

Doesn't matter. If you own 1 truck and drive it yourself, the main factor is your age, driving record, and location. Credit score also plays a small part so if anything a new start up company with no credit history will have higher rates than a sole proprietor with good credit history.

 

I went the "LLC filing as a S Corp" route. I won't say that one way is better than the other but this seems to be alright for me. I'm sure sole prop works well for others if that's what they prefer.
As an example of why I like it, I paid myself $72,000 this year. $36,000 as a "reasonable" salary which had fed and state tax withholding as well as $5,508.00 in FICA (15.3%). The other $36,000 was taken as draws that also had the same fed and state tax withholding but no FICA is payed on draws in a S corp. So, the S corp saved me from paying another $5,508.00 to the government in additional FICA on the other half of my income.
This was the only reason I went that route, I didn't have any delusions of lawsuit protection. But, if I ever grow to the point of adding another driver, I'll already be properly setup to protect my personal assets should he ever get in an accident.

 

"From 1987 to 2007 only one suit has pierced the corporate veil of a Nevada corp".

https://en.wikipedia.org/wiki/Nevada_corporation

 

Rank, those are major c corps with a bunch of 500 dollar an hour attorneys doing things, not the typical llc one truck shop using a 50 dollar online legal form.

 

My driving record should be perfect or I would think so. Never had a wreck in 30+ years of driving any vehicle, including my motorcycle, now I have been IN WRECKS as a passenger, but never as a driver. And as far as a speeding ticket or anything like that, it has been at least 6-7 years or more since I had any kind of ticket.
My credit as an individual..... went to the bank to borrow some money recently, 10,000+ actually. Lady at bank said only reason I needed to give any collateral was because my name is on the house note as well as my wife's, said my credit was great.
The people I been talking to said I can run under their base plate (Ohio), Lady said around 100.00 a month. I can run their insurance if I choose to do so as well, of course I have to pay for it. Looking at getting the ball rolling and maybe, just maybe down the road get my own authority, but for now lease on. Most of the loads will be on stretch trailers (flats) or a step deck which I would rent from them, I think that is 125.00 weekly if he was correct. But the truck is paid in full so no payments, and I'm going to do a lot of PM work to it before it heads out. It's not a luxury liner, only has a 50" aerodyne sleeper but that's ok, it's paid for.
Hope that gives more insight to my situation.... Really appreciate all that you guys are sharing with me, if all goes well and you meet me out on the road, I'd be glad to buy ya dinner and a hot cup of joe, or a "cold" belly washer your choice, lol. Thanks again.

 

Father in law lives in Knoxville lol. He would love it. 82 and going strong.

 

Nope. I'll buy you dinner. You might have been driving longer than me, but now that you've gone and bought a truck, you're the rookie!

Honestly man, I'll think you'll do fine. You've got the work ethic. That's the most important part. And you've got at least half a brain. A good recipe for success.

 

Thank you Spyder... I appreciate the vote of confidence.