Most carriers are going to require you to at least have an EIN# "employer identification number" with the IRS. This will require you to establish a DBA "Doing Bussiness AS" to quilify for the EIN.
I can only speak about Ohio. My LLC was fairly easy to get. The paperwork was all available on the Secretary of State's website. I filled it out submitted my $175 and waited. About 3 weeks later I received a call from a woman from the Secretary of State's office and she talked me through what I filed incorrectly and I fixed it and mailed it off again attention her. A week later I had my LLC.
LLC does not completely keep you secure from law suits like they would have you believe and the IRS treats them as pass through income so what the company makes is your money and so goes it for losses. Well good business men try for losses to offset gains. This is great until you go to buy a house and they say you don't qualify.
As I grew more trucks I saw the need for the company to become an S Corp. this is something I would highly suggest you consult a tax professional or an attorney for, one to see if it's a good fit for you, second because the pap works for this isn't user friendly and can get you in trouble.
S Corp protects you from liability of something that the company might get sued for. S Corp will protect you from angry ex wives. S Corp the owner gets a wage and the mortgage companies prefer to see that rather than how sharp you accountant was able to get their pencil with your losses.
Landstar?
Discussion in 'Ask An Owner Operator' started by dieselrailman, Apr 2, 2017.
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Love misinformation. Here is the real scoop:
S Corp vs. LLC - Differences & Benefits | BizFilings -
THEN WHY THEY COME WITH THE IDEA OF LLC IN THE FIRST PLACE , SINCE IT DOESNT DO ANY GOOD AND NOT PAYING YOUR SOCIAL SECURITY IN THE FIRST PLACE . I MIGHT JUST GO TO S CORP AND PAY MY SS.
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And that is the simple truth.jvar4001 Thanks this.
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