Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃

LLc question....

Discussion in 'Ask An Owner Operator' started by Toddes, Jun 29, 2009.

  1. Jun 29, 2009 #1
    Toddes

    Toddes Bobtail Member

    16
    1
    Apr 20, 2009
    Fawn Grove pa
    0
    This may have been answered somewhere else but I could not find it! My question is when I talked to my cpa lady! She told me that I should form a llc before I buy a truck that way the truck is in the companys name! I understand that part and I was wondering if I decide better to wait to buy a truck does it matter or hurt anything if I form a llc and I just do anything with it! She told me it would cost me 600 for the year for her services and do the llc paperwork! Just to clarify what I have wrote! Will it hurt anything to form the llc and not use it ????
     
    Toddes, Jun 29, 2009
    Toddes, Jun 29, 2009
    #1
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Jun 29, 2009 #2
    REDD

    REDD The Legend

    6,237
    4,291
    Jun 29, 2009
    Dueling Banjoville
    0
    No it wouldn't hurt. Forming a LLC is a form of protection to separate your personal assets from your business assets. If all your business stuff is listed under the LLC & a something bad happens... All it really does is protect your personal stuff from being taken away from you. I've even seen where people have created 2 different LLC's... One for business assets & another for personal assets!

    Form the LLC. That way it is already there & waiting when you decide to use it!
     
    REDD, Jun 29, 2009
    REDD, Jun 29, 2009
    #2
  4. Jun 29, 2009 #3
    7mouths2feed

    7mouths2feed "Family Man"

    1,186
    464
    Nov 29, 2007
    Jacksonville, AR
    0
    find another CPA fast!!!!! You need to find one that has experience with OO an S or C corp is a better way to go llc really doesn't do much for anymore.
     
    7mouths2feed, Jun 29, 2009
    7mouths2feed, Jun 29, 2009
    #3
  5. Jun 29, 2009 #4
    Pawnd

    Pawnd Medium Load Member

    346
    143
    Apr 8, 2009
    Chasing wind
    0
    Only thing is if you get the EIN, you will have to file quarterly wage returns even if zero wages. If you don't they will estimate your wages and send you a bill for the tax. Once this happens it is a real challenge to fix. Without an EIN a mothballed company is not a problem, just have to keep up the registration.
     
    Pawnd, Jun 29, 2009
    Pawnd, Jun 29, 2009
    #4
  7. Jun 29, 2009 #5
    MedicineMan

    MedicineMan Road Train Member

    5,799
    6,440
    Jan 13, 2007
    Woodville, TX
    0
    when I was an LLC I did it myself online in about 30 minutes. yup, that's worth $600


    I'm not even an LLC now. just sole proprietor. LLC is useless you you are driving the truck. they just go after you as the driver instead of the owner then.
     
    MedicineMan, Jun 29, 2009
    MedicineMan, Jun 29, 2009
    #5
    7mouths2feed Thanks this.
  8. Jun 29, 2009 #6
    DoubleDear

    DoubleDear Light Load Member

    272
    135
    Jan 28, 2009
    Harrisburg PA
    0

    First you do not Need to form a llc before you buy a truck.

    Second, the woman wants to make 600 dollars . Why throw away 600 dollars and not even use the llc?

    Many people don't even file for an llc... instead they go as:
    "Your Name" DBA (Doing Business As) " Company Name".
    Many people go that way , when they don't have much Assets to begin with.
    You can still Make up a Company Name, working as a Sole Proprietor., DBA.
     
    DoubleDear, Jun 29, 2009
    DoubleDear, Jun 29, 2009
    #6
  9. Jun 30, 2009 #7
    Roadmedic

    Roadmedic Road Train Member

    18,951
    8,981
    Apr 4, 2007
    0
    The SS4 application for EIN does allow for the option of choosing no employees.

    If you are an LLC, you should be drawing a salary anyway.

    A LLC does little for protection of assets in the event of an accident. They will sue the company, the owner of the truck and driver and anything else they can think of.
     
    Roadmedic, Jun 30, 2009
    Roadmedic, Jun 30, 2009
    #7
  10. Jun 30, 2009 #8
    Roadmedic

    Roadmedic Road Train Member

    18,951
    8,981
    Apr 4, 2007
    0

    There are advantages for each. It does not matter which is done. They all have the same problem with asset protection.
     
    Roadmedic, Jun 30, 2009
    Roadmedic, Jun 30, 2009
    #8
  11. Jul 1, 2009 #9
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

    10,675
    12,225
    May 28, 2009
    Rancho Mirage, Ca.
    0
    :biggrin_2554:Why would you need to spend $600 for an 'llc'? You rent a little clapboard shack in the bowels of Alabam, you drive a paid for '89 Ford Pinto, you have all of $140 in the bank, You sleep on the floor on a mattress, in other words, you have nothing to be sued for.......Save your $$$$$:biggrin_2554:
     
    Allow Me., Jul 1, 2009
    Allow Me., Jul 1, 2009
    #9
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.