Just opened new company, what else do I need?

You were kind of told wrong. That's why I asked. Many of these "paper chase" firms will tell you this but an LLC is good for some manufacturing, some small service companies or retail not really for this industry because of the liabilities involved.

You are both the operator and the owner so the liability is still there for you. Even if you were just the owner, nothing protects your assets under an LLC if there are issues with an accident that was caused by your truck(s). A good accountant and business lawyer can properly setup the protection you need but I think they are harder to find than I previously thought from the comments I get.

You may never have an issue but it only takes one accident and one unscrupulous ambulance chasing lawyer who can dig deep enough to find out the info he needs so he can leverage your assets into being included into a lawsuit without an issue in most of the states.

 

how much england is charging you for factoring?most of the big boys charge 1.5 % and pay you in two days.i have landstar fuel card and i save an average of 25 cents a gallon at ta.some people will argue that the big brokers dont pay that good but i beg to differ,i stay on good lanes and never hauled anything less than 2 dollars a mile im on getloaded and in the last two months i didnt book a single load from it.just be patient when looking for a load dont just book anything to keep moving.what kind of trailer you pulling and where you like to run?

 

So, what kind of entity will protect my assets better?

 

I can't answer this because I don't know what your situation is and you can't explain it to me on a forum.

The best thing to do is get two tools for business, a good accountant and a lawyer who can guide you. these are people you pay to advise you and you give them your situation, your business plan and let them come up with ideas and opinions that will first help you with taxes and second help you protect yourself. A lawyer may be the best thing because if you ever had to deal with one who you just call up and say "ah ... I just had an accident and need some help", he may not be the best for you. An accountant, not a tax preparer will help you with planning, like when to dump the truck and what you need to look for when you buy another one or how to handle limiting tax liabilities.

I know this sounds like a typical non-answer but they can tell you what to do in your situation. In mine I have a corp and use it to keep everything separate from my personal life. I am careful in how I approach the management of the company and what I let my drivers do. At first I thought "crap I have all that paper work and extra taxes to deal with" but those who advise me seem to make it easy on me and it has actually helped a lot more than I can explain.

 

ENGLAND charges 2.5% and I get the money 1 business day in the bank account. They just need BOL scanned and e-mailed. I am not using any fuel cards right now, because my AMEX credit card gives me 5% cash back on fuel, but for sure I will start using some in the future. I have 53' DRY VAN and I am using INTERNET TRUCK STOP and TRUCKER'S EDGE. Most of the time, I see the same loads posted in both boards, but some time there are some very good loads in one and missing in the other. I run mostly from Nevada to Florida or Texas, summer time to Seattle WA, Minnesota. I am trying to book loads that are not more than 30k lbs and never go Seattle, WA with more than 20k lbs. This way my MPG stays around 7-7.2

 

2.5 % sounds good but im almost sure they want you to meet a certain amount each month.is that fee for non recourse factoring?im not familiar with that part of the country since i only run northeast and the midwest and occasionaly the southeast.you sound like you know what you doing just dont repeat the same mistake twice.van rates are the lowest but anywhere you go you'll find freight.i started doing flatbed july last year and i can tell i never been happier.

 

You were told a lie.

 

2.5% non recourse, but this rate is like promotion, I told them a second truck will be added soon and we will be making about $40k volume monthly. I was looking to add flatbed as well, some times I see on the load boards twice as much loads for Flatbed vs Dry Van and the prices are 0.30-0.40c/mile higher.