Average startup cost?

Discussion in 'Ask An Owner Operator' started by cvnorton, Feb 20, 2018.

  1. gokiddogo

    gokiddogo Road Train Member

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    If you are the driver it makes no difference if you're llc or sole proprietor.
    Llc would help you in the event of your hired driver having an accident. They'd sue your comany and the driver.
    But leave it to a lawyer to figure out how to gut you like a fish...
     
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  3. cvnorton

    cvnorton Bobtail Member

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    Yeah if my wife decides to drive I guess she'd technically be a hired driver since the company would be in my name only.
     
  4. gokiddogo

    gokiddogo Road Train Member

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    Are the large assets in your name only as well? House, cottage, cars, boats, etc. ?
    They would probably still get you since most of all that is jointly owned usually...
     
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  5. rickybobby

    rickybobby Road Train Member

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    I started with 15k 8yrs ago.
     
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  6. cvnorton

    cvnorton Bobtail Member

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    At the moment we don't have any joint assets as we haven't combined assets yet and haven't made any major purchases together.
     
  7. brsims

    brsims Road Train Member

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    Another route to consider....

    Company driver at a GOOD company. But you will have to shovel a metric ton of crap to find that diamond. Fair warning and all that.
     
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  8. kf4pwb

    kf4pwb Light Load Member

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    You forgot about the 45 day float...and the trailer. Also new as of this year, insurance is 50%down and 50% after the 1st month
     
  9. nax

    nax Road Train Member

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    Wait, whaaaat??? Thank God I snuck in late last year....
     
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  10. Brickwall

    Brickwall Light Load Member

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    There are tax differences. My accountant told me to start off as an LLC. After 6 months or so you can reclassify as an S Corp. Will look at it again in a few months.
     
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  11. Ridgeline

    Ridgeline Road Train Member

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    I've sued llc and the owner a couple times and there is no protection.

    When you are an operator and owner, you are liable for everything and your assets except your pension is up for grabs.

    The llc was designed for retail and manufacturing, not a high risk business like trucking.
     
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