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Becoming Incorporated

Discussion in 'Ask An Owner Operator' started by t2000isx, Mar 3, 2008.

  1. Mar 3, 2008 #1
    t2000isx

    t2000isx Light Load Member

    83
    10
    Feb 29, 2008
    North Charleston, SC
    0
    Being that we just bought out truck and are working though the beginnings of this...can anyone lend some know how and knowledge on this subject?

    1. Why is it good to become incorporated or not to?
    2. What are the pro's and cons?
    3. What does it do for your business?
    4. Which type is best? (LLC, S)

    anything you have to offer is GREATLY appreciated, im pretty ignorant on the subject. If there are any webpages out there with write ups on this and the trucking industry id love to see them.

    thanks in advance

    Brad
     
    t2000isx, Mar 3, 2008
    t2000isx, Mar 3, 2008
    #1
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  3. Mar 3, 2008 #2
    MedicineMan

    MedicineMan Road Train Member

    5,799
    6,440
    Jan 13, 2007
    Woodville, TX
    0
    this has been covered recently. I would suggest you do a search for it.
     
    MedicineMan, Mar 3, 2008
    MedicineMan, Mar 3, 2008
    #2
  4. Mar 5, 2008 #3
    2hellandback

    2hellandback Heavy Load Member

    978
    237
    Dec 19, 2007
    Blackfoot Idaho
    0
    Pros:
    It gives you a slight liability advantage if your ever sued, or have to file bankruptcy.
    It makes you look professional as you loose your arss.

    Cons:
    Every one and there dog starts sending you mail.
    Actually thats a pro if you have a fireplace you can heat your place for free cuz ya aint got no money.

    OH on the serious side,,, thanks for your service Brad !!!!!
     
    2hellandback, Mar 5, 2008
    2hellandback, Mar 5, 2008
    #3
  5. Mar 5, 2008 #4
    2hellandback

    2hellandback Heavy Load Member

    978
    237
    Dec 19, 2007
    Blackfoot Idaho
    0
    OK this is the skinny from my cpa lady:

    LLC is subject to the self employment tax and doesn't give the same personal protection, LLC is like a sole propietor.

    S corp example:

    $100,000 net
    $15,000 Paid in LLC self emploment tax
    $3,000 Paid in S corp self emploment tax

    $12,000 S corp savings over LLC
    All other taxes are paid the same between LLC and S corp

    If you need it better explained she would be glad to talk with you, Let me know , she is a great cpa,, and very reasonable if you might need one.
     
    2hellandback, Mar 5, 2008
    2hellandback, Mar 5, 2008
    #4
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