Minimum amount of cash in the bank to start O/O

.45 ?

 

Dude you don't even know me, what's up with all the trollingredients and negative comments, I got a decent connection at Landstar.

 

I got to tell you guys, if you are using personal money from you home, then really be careful on how you structure your business and make sure you don't get into an accident.

 

That's what insurance and incorporating your business first is for.

 

Lol, Llc , 's Corp or C Corp they're all ok, it's just a matter of how you would like to be taxed. In an Llc the remaining income left after expenses are subjected to self employment tax, where in an S corp, there can be more tax savings, .But either way you have a separate business entity, from you as a person, which is important.

 

S corp is good , if you plan on doing more than 1 thing, say for example you do trucking, but you also sell truck parts or do engine repair, with and S corp you can establish a whole new division of business, within the same corporation .
Kinda like Frio Lay is a owned by Pepsico, so the mother company is Pepsico, yet Frio lay is another divisor of Pepsi, . But if your just doing trucking or 1 specific type of business an LLC is simple for trucking., that's why you see LLC in trucking so much.

 

You need to have at least 3 months of expenses in the bank when you start. People have and can start with less but it will make your long term survival much more probable.

First off, if you have 3 months expenses, you'll never have to pay the loan sharks (factoring companies). Next, if you have a run of bad luck, you have money to cover it.

There is nothing worse in this world than running paycheck to paycheck or having to chase that next truck payment. I refuse to live like that. There is a whole lot of O/O out there where that is their life though.