When i moved to Vegas from Denver my car insurance almost tripled for state minimum liability. So of coarse when i checked for a Semi it was astronomical, $14k for $1 million coverage on a 2012 prostar. I checked my wife's mom's address in WI and it was more reasonable at a little under $6k. I thought about opening the llc there instead but then i started thinking about the State income taxes and how i would go from paying none in NV to paying about 6.5% in WI. I started wondering if while the insurance was high here that after not paying taxes it would all even out. I can't find the numbers that it will.
Does anyone have any states that have worked well for them on overall ease and maybe more driver friendly? Most of my family is in Indiana, WI, and PA so that's where i would set it up if i go out of NV.
Best state to start an llc?
Discussion in 'Ask An Owner Operator' started by Tripp_84, Jun 29, 2018.
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Do your LLC in another state, but pay yourself as much as possible in NV so you don't pay income tax.
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Did you tell them you aren't a burnout stoner driving around blazing it up? That you are subject to random drug screens? Maybe that's why the insurance is higher in pothead country.
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Best state?
Insanity. -
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gekko1323 and CorsairFanboy Thank this.
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I think you can open an LLC in any state that you would like, but wherever your home base is that you operate your truck out of I would think you need to have insurance from there because otherwise that's really insurance fraud.
Maybe somebody would chime in and with the truck say you can do that but I had a buddy of mine that he just used his parents address which is only about an hour away because he was in the city and his insurance rates were crazy high and they caught him and went after him for insurance fraud.
$14,000 isn't really that crazy for commercial truck insurance probably about average or better. -
Man 14k was about 8k more expensive than 4 other stats i got quotes in. No other state was worst than $6300.
I always thought companys did what i want to do. Its fraud if your lieing about your license and stuff like that but if your business is located in WI and your truck IS your business i dont see why it would matter. When you work for a company thats based in Georgia but you take your 1 week home time in Indiana a month they dont make the company insure you with indiana insurance. I cant see why an owner operator would be any different.
If i got an s corp registered in WI and had an official address and titled the truck to my business address, say my wifes moms address because she is my accountant. I dont see why i wouldnt be treated as any other company driver living in a state that isnt the HQ of the corporation or business.
But i dont know lol. I do know im not paying 1500 a month in insurance when i know other states are half that. Ill pass on trucking and all that garbage haha -
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