LLC, S Corp or Sole Proprietorship

call or check with your states Secretary of State.

http://www.sos.ca.gov/business/

 

From the trucking and dot side you will be able to keep your same numbers and safety rating. You just need to be able to prove that ownership/management is the same and the company was not sold to someone else. Just make sure you prepare for this change. You will likely be doing new contracts with all the people you are doing business with.

 

My GF... an attorney, says you'll need to close the one business down, and open the new one clean. New EIN, new bank accounts - but as Bad Bill sez, the DOT side can be kept intact.

 

Has anybody actually kept their DOT and MC numbers?

 

I want to bring my wife in as a 51% owner, being a woman owned company in California is a huge advantage in our line of work right now!
I really wouldn't want to change anything that I don't have to, just put an Inc on the end of our company name and win some contracts as a woman owned company, my wife works full time as my office manager anyway.
This is the whole purpose as well as the little bit extra security.

 

You still have to dissolve the existing legal structure if you're going to change the legal basis the company is built upon. That may not be the case if all you're doing is bringing on a partner. However, since the tax structure changes the state may take a swipe at this as a tax dodge. You'd be well advised to at least talk to an attorney about the implications up front. If the state gets pissy about it after you've changed, it could get expensive to fix it on the back end.

 

There is a lot nonsense out there no offense intended. You really should direct your question
To an accounting firm. I posed the same question to mine last year. From a tax point of view. Unless you net more than 75k a year there is no benefit to being an LLC or what ever. From an asset stand point most everyone here is right however, registering your business in your home is not always best. Every state is different. Ask a professional what state is best to register in for your company if forming a company is the way to go.
Me being a former Investment Banker s corp is not the way to go. Again you really need to ask a professional. Just call ATBS they will answer this question for free.

 

Yup, a lot on non-sense. ATBS is right on top of that pile. Really?!?

 

Like I said. They would answer his questions for free. That is all. We dont need to steal this thread and bash.

 

I can give a wrong answer for free.

My response is in line with the thread topic. How if the hijacking (stealing) a thread?

Yeah I bash this. ATBS has burned many a truck driver over the years with bad advice and tax work.