Business or no business

Discussion in 'Ask An Owner Operator' started by chas, May 8, 2007.

  1. chas

    chas Bobtail Member

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    May 1, 2007
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    I have conflicting opinions on whether to do a business startup when I buy my truck. I will be running for the company I now drive for. Some O/O tell me they didn't actually start a business when they went O/O. Some tell me they did. I don't see any advantage to go O/O without starting your own business. What is the norm here? advantages, disadvantages? Looks like LLC is the best way to go although it costs a little more in my state than a sole propriotorship. All thoughts appreciated.
     
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  3. CenutryClass

    CenutryClass Road Train Member

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    Feb 15, 2006
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    It depends on alot of factors.

    Each one has different tax liabilities and such.

    Do your due diligence as to which suit your best needs.
     
  4. Brickman

    Brickman Trucker Forum STAFF Staff Member

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    Sep 17, 2006
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    Ask your CPA before deciding which type of corp or LLC you go with. That can make a difference at tax time.
     
  5. coastie

    coastie Road Train Member

    When you Own your own truck and driving it for a Living, it is a Business. You need to run it as a Business. Rather you get a LLC or what ever is another story.
     
  6. chas

    chas Bobtail Member

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    May 1, 2007
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    Thanks for the replies. I am going to go LLC.:biggrin_25517:
     
  7. chas

    chas Bobtail Member

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    May 1, 2007
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    Hey, I should have included this info in my last post, but forgot it. For all you wanna-be O/Os out there,(me included), keeping business records is sometimes a big mystery. Programs like Quicken Quickbooks are very expensive. I accidently stumbled onto a website that you may be able to use. I am using it and so far I like it. Go to the website below. You will have to register for an MSN passport and they have a downloadable records keeping and accounting program that is free. Check it out.
    https://login.live.com/ppsecure/secure.srf?lc=1033&id=42814&ru=https%3a%2f%2fprofile.microsoft.com%3a443%2fRegSysProfileCenter%2fwizard.aspx%3fwizid%3d957047eb-4814-4532-aea0-12bfc0558b04%26lcid%3d1033%26wp%3dMCMBI%26fu%3d%252fSMALLBUSINESS%252fstartup-toolkit%252fdefault.aspx&tw=1800&fs=1&kv=4&ct=1178796267&cb=LCID%3d1033%26WizID%3d957047eb-4814-4532-aea0-12bfc0558b04%26ReturnURL%3dhttps%253a%252f%252fprofile.microsoft.com%253a443%252fRegSysProfileCenter%252fwizard.aspx%253fwizid%253d957047eb-4814-4532-aea0-12bfc0558b04%2526lcid%253d1033%2526wp%253dMCMBI%2526fu%253d%25252fSMALLBUSINESS%25252fstartup-toolkit%25252fdefault.aspx&ems=1&seclog=10&ver=2.1.6000.1&rn=hsT7*zDo&tpf=6faac5a708518a5a17e617a6eb2a2fb3
    I know this is a long url, but it is the one I saved in favorites. Cut and paste, or you may be able to get there just by going to the msn website. Hope this helps.:biggrin_2559:
     
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