Well, I believe im pulling the trigger and have a few questions about the business side of things. If im supplying the truck and leasing on and pulling their trailers, I will need to start a llc or inc a company to track expenses. Do any of you see a benefit to llc or inc? Also, what is the best way to start the business and get the ein number? Also, a little about the job. I have a 2009 Fl Columbia glider with 100k original miles on her. The job gross is around $3500 and that's doing around 2300 miles. Its a local job so I know pay could be better over the road but im having trouble finding local jobs in central pa area. Im going in today to hand in my application. What do you guys think?
Sounds like you got a good thing going there, I wouldn't worry about llc or inc. just start up as a sole proprietor and get a good accountant who knows trucking, he can tell you after your first year if your making to much money and need to make any changes. As far as the EIN go to IRS website its easy to get. Good luck
It sounds like a good deal to me. A one truck operation does not necessarily need to incorporate, it's a matter of choice, if you do, an LLC would probably be the most advantageous to you as it is simply a pass through arrangement that leaves you in the same tax position as a sole proprietor. INC is a separate entity that owns the assets and income from the business and is a little different come tax time. EIN is available online from the IRS for free. Avoid those sites that want to charge you a fee to apply for it on your behalf. Good luck to you!
Thanks everyone! I believe it to be profitable. Truck is paid for and its got a 12.7 Detroit in her so im real happy with the truck. After fuel, I think ill be left with a little over $2000 per week. I think it should be enough to make a living and keep on top of expenses. Do you guys forsee the same? I found basic bobtail insurance for $280/year as I have a clean driving record. $2000/yr if I want it covered for $55,000...big difference there. I am kinda leaning towards starting out sole proprietor but im just really worried about someone trying to sue me personally...any other opinions and experience with how yall are doing this? Thanks so much for the help! It is appreciated. Ive been reading on this site the last month or so almost everyday trying to learn all I can!
just do a sole proprietor to start with, cetane is dead on. keep it simple. I think many incorporate or do llc cause its seems cool
Ok, thanks guys/gals for the advice. Ill keep it simple! Got enough right now going on to figure out.
