New O/O With Banking Question

It would be best if these people are in the same state as you, that way when you need to meet, or sign, drop off/pick up items, they are not far away. No fedex charges.
Federal law is standard, state law can and will be different. Having these people in the same state, they should know state laws as well. Someone from ohio may may not.

Education. First place to look is your local community college. They may offer online courses as well as classroom options. Some basic bookkeeping classes would be a good idea.
There are online courses, just do a google search, like online bookkeeping course.

Also might want to see what your local SBA and SCORE office can help with. Check out what the Tennessee state trucking association might have.

 

Are you sure cause Michigan requires one it 25 a year.

 

Just a comment about going into business with a cousin. Think about the legal structure before you commit. Partnerships are very difficult from a risk management, legal and relationship standpoint. In a partnership, if your partner gets divorced, the judge can give the business to the ex, and now you're in business with the ex-wife.

Good times.

Or, the partner goes off the rails financially, and the bank puts a lien on all the partnership assets. Now you're in business with the bank as a partner.

More good times.

Relationally, it is impossible to have two captains on one ship. One needs to be the boss, so structure it as an employer/employee deal. They can profit-share as an employee, but the business should have one owner and one person in charge.

 

Book keeping is easy, keep all your reciepts for everything. Once a trip, week, month, whateber schedule works best for you. Seperate the reciepts into categories (fuel,maintance,oil, phone, faxes, motels) etc... when in doubt start a new category. Try to stay away from misc. Their are many apps, and online sites, and of course QuickBooks. Heck you can buy "book keeping for dummies" at staples for $19. The hardest part about bookkeping is sitting down and doing it.

 

In illinois, I have opened business checking accounts with my articles of incorporation and EIN only. I have never had a business license.

 

Also go talk to a few LOCAL accountants, thier not that busy this time of year. So dont commit, hire, pay or even give a retainer. At least till you talk to 3-4. Just sit have a coffee and ask questions. Like how many OWNER OP truck driver clients do you have. Ask them trucker related questions, like what is the standard deduction and how much is it. (I found that question will separate the ones who HAVE and DO truckers. Fro. The ones who say oh sure I can or I do truckers) Keep coming here and ask questions. Or maybe spend $25 and join ooida. Their legal business staff can answer all your questions. Well with it for people starting out.

 

It requires a tax number but not a business license.

If I was doing transport of people, like non-emergency transport, the state requires a license.

If I am doing package delivery, I am required to get a public service license.