I have the credit, hubby is the driver, how does is work?

No problem, buy the truck, put his name and yours on the title or add his name after you get the truck. He contacts and qualifies for the company he is going to lease with. You will probably have to show the finance company where the truck is being leased on, but you need to be acceped by a company befor you buy the truck, don't assume just because you have a truck you can lease to any carrier you want. The better carriers don't just accept anyone with a truck.

If you get into the employer/employee relationship it will cost you more as most companies will make you furnish workers comp on your employee.

 

Download a simple lease agreement. Have him set up a simple "DBA" get an account with the "DBA" name on it run all business related money through that account. He leases the truck from you (actually write a check from that account to you) which is a tax benefit for him and you get to depreciate out the truck on your side as the owner. Again, tax benefit for you. Once he has that lease agreement he can handle all business related things with the truck.

 

Call and talk to a trucking accountant. This can work to your advantage. As a female business owner you qualify as a minority so you can get all kinds of incentives like government grants to buy a truck and operating expences. Its better for you to own it and him be the driver but you really need to do your homework first.

 

Set up a ''minority'' owned business in the Ladys name....Big breaks on taxes...And have the hubby ''work'' for you...Simple...

 

I find that with all these posts, there is a missing question - how much experience does he have driving a truck?

This matters a bit, because even if you have the credit and he has less than a year, I would consider getting some road experience before considering a truck. One main reason is your insurance will be cheaper but also it opens more doors up for him to use the truck with different companies.

While the LLC is a good thing, the best advice I see is talk to an accountant who knows the tax laws about leasing and sub-leasing, you can get a corporation, limiting your liabilities a bit more by not having to have to deal with pass through taxes - people will say you will get taxed twice but in fact it isn't about how many times the money gets touched by the tax man rather the end result in taxes. With an LLC, you may not enjoy the tax write off of an employee but rather need to pay both halves of the social security tax and more. Again talk to an accountant.

 

I love all of the advice about tax breaks for women owners, but yet not one supports the claim.

 

its hard getting a loan on a truck. i agree with setting up the company under your name and hiring your hubby as the driver. I'm not sure what his reasons for bad credit are but if he has trouble managing money i would not consider buying a truck. trucking is a lot of money in but its also a lot of money out. trucking has cost me nearly 9k over the last month between fuel and repairs ect. you have to know the difference between what the company's money is and what your money is.

 

Hope you have GREAT credit, finance wont be low thats for sure, take your time do your research dont rush, be best of luck too the both of you!

Johnny