LLC or S corp?

LLC is state recognized, not fed and can be taxed as Sole Proprietor, S or C corp.
You still need a "tax election" and decide how you want to be taxed at the beginning of the year, which cannot be changed during that year. Sounds like you are already familiar with this.

Most beneficial for a O/O is usually is a S Corp tax structure instead of sole proprietor or C corp.

 

There is still a form you need to fill out and send into the IRS prior to being granted their blessing for filing as an S corp. One must be able to justify to them taking the S Corp election. Your CPA can help you with that.

 

Beware, companies and corporations can be liable for paying income taxes in multiple states. NJ, PA, CA, etc are some of the states enforcing it.

1 person sole proprietors are exempt...

 

As has been stated, there is no "corporate" protections if you are the driver. As DY said, states like NJ charge corporations tax for doing business in their state. NJ's minimum annual tax is $500, even if you only pick up or deliver one load. The tax cops typically setup in weigh stations and rest areas and impound the truck until the taxes (and back taxes) are paid.

 

In my experience and opinion; a one truck guy, either leased to a carrier or running his own numbers......sole prop is the way to fly.

 

It all depends on what the business plan looks like. I was a sole prop when I first started. When I wanted to go on my own and hire drivers, I incorporated.

 

I went the sole proprietor route.