Can I be an Owner Operator with a Company

How would this work...I got a Guy who owns four Trucks...And want me to take one a Drive as a Owner Operator for a Company...EX: US Xpress...and go 50/50 on everything...One: Will that work. Two: Is that a good deal...I look at the truck ...it got 300,000 plus on it...03 Fright liner

 

I think they would look at it that your the driver of his trk,unless both of you agree in writing that he sells you the trk for x amount a week or month. US will be paying you or him whoever owns the trk.However you do it,GET IT IN WRITING.

 

I have a friend that did the same thing. He just got power of attorney, to be able to conduct all business concerning the truck. If it was me, I would just let him lease the truck on and you drive it. That way, if a mechanical problem arises with the truck, it on him not you. just my opinion.

 

There's too many open questions in this scenario. Will you be purchasing the truck from this guy? If not, then why have the owner operator headaches without the reward? I'm assuming by 50/50 he wants you to pay half the fuel, insurances, truck payment, repairs, etc. But who will be getting the settlement from the company? Him, I'm sure. How well do you know this guy? If your not going to be buying the truck from this guy I would just work for percentage or a set mileage rate.

I would not enter into that unless it's something where after an agreed amount of time you become owner of the truck. And by that I mean he transfers the title to your name and you continue on paying and earning 100%. And even in that case see a lawyer and get it in writing.

 

I gotta agree with everyone else here.

I'm also curious about this truck. You say it's an '03 with 300k miles on it? I'm currently driving an '03 Freightliner Columbia and it has almost 800k on it. Are you sure about the miles that are on it?

Also, I personally wouldn't lease a truck on with a big company. That's just a matter of personal preference, though.

 

My 02 has 1,116,00 on it so 300k seems very low. where has this truck been? Have the ECM checked for accuracy. And have a lawyer or paralegal at least draw up something.

 

1. Some of the bigger companies will not allow you to double-lease. Check to make sure. I wouldnt bother going to US Express unless you like sitting in truckstops.

2. The 50/50 split...is that a.) 50/50 after truck expenses or b.) 50/50 split of the gross revenue?
a. is a terrible deal. You do all the work and a fraction of the profit. You will make more as a company driver.
b. theres no way that guy would agree to this one as you would get the best of all worlds.

 

Exactly. That would be like driving for an owner and him paying you 50% of the linehaul. Even some of the highest paying percentage companies/owners won't pay much more than 35%

 

First I like to thank everyone for your help....I really appreciate it..Now as I see TripleSix said..That is the basics of it..he want to go 50/50 of gross...in which i thought that may be a bad deal...But He already got all 48 permits as well as Insurance...Which is free for me but whatever i get paid per mile he gets half...I will be talking to him today about Selling me the truck and see what he says.....But listing too you guys...Maybe i will just pass this whole thing up..I will keep everyone up to date ...Scarecrow03 do you or anyone have an idea on who would be a good owner op..Company i only got a year in driving OTR .

Thanks everyone again..

 

If he's already got permits, then he must have his own authority. Does he own a trailer too? If so, what kind?

Landstar is a decent outfit to get on with, but I don't know how much minimum experience is required. Also, you would need a laptop and internet access to be able to get loads.

I would seriously reconsider this offer. I'd just ask him if he'd let you work for him, and make sure he takes out taxes, FICA, etc. on you.