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Converting to S Corp ???????

Discussion in 'Ask An Owner Operator' started by Wombat63, May 16, 2020.

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  1. May 16, 2020 #1
    Wombat63

    Wombat63 Light Load Member

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    Has anyone converted their business from a sole prop to an S-Corp?
    I want to make sure that when I switch I can also switch the MC# the name of the corp is very similar to the sole prop.
    Anyone done this and know what steps to take with the FMCSA?
    Thanks
     
    Wombat63, May 16, 2020
    Wombat63, May 16, 2020
    #1
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  3. May 16, 2020 #2
    spindrift

    spindrift Road Train Member

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    Why specifically are you interested in an S Corp?
     
    spindrift, May 16, 2020
    spindrift, May 16, 2020
    #2
    roshea Thanks this.
  4. May 16, 2020 #3
    Wombat63

    Wombat63 Light Load Member

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    based on the advise of my accountant.
     
    Wombat63, May 16, 2020
    Wombat63, May 16, 2020
    #3
  5. May 16, 2020 #4
    wichris

    wichris Road Train Member

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    Legit would end up with a new DOT#. Or just ignore the FMCSA like many do.
     
    wichris, May 16, 2020
    wichris, May 16, 2020
    #4
    Rideandrepair Thanks this.
  7. May 16, 2020 #5
    Spyro2112

    Spyro2112 Medium Load Member

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    LLC
     
    Spyro2112, May 16, 2020
    Spyro2112, May 16, 2020
    #5
    Rideandrepair Thanks this.
  8. May 16, 2020 #6
    Spyro2112

    Spyro2112 Medium Load Member

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    make an LLC lease the truck from yourself
     
    Spyro2112, May 16, 2020
    Spyro2112, May 16, 2020
    #6
    Rideandrepair Thanks this.
  9. May 16, 2020 #7
    Rideandrepair

    Rideandrepair Road Train Member

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    I think a simple name change with Fmcsa/ DOT, keeping #s the same, would work. Ownerships the same. That’s just my idea, don’t know for sure.
     
    Rideandrepair, May 16, 2020
    Rideandrepair, May 16, 2020
    #7
  10. May 16, 2020 #8
    wichris

    wichris Road Train Member

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    Different TIN#, different DOT#.
     
    wichris, May 16, 2020
    wichris, May 16, 2020
    #8
    Rideandrepair Thanks this.
  11. May 16, 2020 #9
    spindrift

    spindrift Road Train Member

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    I'd ask why that rec as opposed to an LLC which is much simpler and less costly.
     
    spindrift, May 16, 2020
    spindrift, May 16, 2020
    #9
    Rideandrepair Thanks this.
  12. May 16, 2020 #10
    zinita17601

    zinita17601 Road Train Member

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    lancaster pa
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    You dont have to convert your business to an s corp,you need to file a form with the irs to be treated as one while keeping your current structure.
    This is only beneficial tax wise and it wont offer any protection from liabilty.
    Come tax time you will have to file two taxes one for the s corp due march 15th and one for personal income due april 15th.
    You can get paid with w2 and get distribution from the s corp at the end of the year.
     
    zinita17601, May 16, 2020
    zinita17601, May 16, 2020
    #10
    dwells40 Thanks this.
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