New Owner/Operator with tons of questions...

Hi. My husband just bought a new truck. He is currently leased to Stageline Trucking out of Michigan. We just filed for a LLC with our company name.
1. Should we have gone corporate instead? Seems like most drivers out there are LLC (that we have seen).
2. How do we figure what to pay ourselves? The company just pays my husband right now. The lease is to him & not our company (but we are looking into leasing elsewhere)
Stageline has an escrow account set up for trucking expenses that my husband (Leo) pays into every time he gets paid.
3. We have a tax accountant who seems very knowledgeable. He is going to set us up so we pay taxes quarterly. Is that pretty normal?

Any and all help would be greatly appreciated!
Thanks so much!
Angel

 

Wow...well this is the guide I used to figure out whether we should go LLC or INC:

LIMITED LIABILITY COMPANIES
Idaho Code § 30-6-Part 1, et seq.
The Limited Liability Company (LLC) has some of the characteristics of a sole proprietorship, some of a partnership, and some of a corporation. An LLC may, for tax purposes, be disregarded, be taxed like a partnership or taxed like a corporation (Idaho Code 63-3006A).
The LLC has members rather than shareholders. Managers or members may exercise day to day management. The LLC is a business organization that operates under a contract (called an operating agreement) between the owners, much like a general partnership.
In order to have a legal existence, the LLC must file a Certificate of Organization with the Secretary of State. The members are protected from personal liability for the acts of the LLC in much the same manner as corporate shareholders. Unlike limited partnerships, LLC's do not impose personal liability on members for participating in management.
CORPORATIONS
Idaho Code § 30-1-101, et seq.
The corporation is the original structure for providing personal liability protection to the owners of a business. Although a corporation is now easier to organize, it may not be the best entity choice for starting up a business. A corporation must have a board of directors. The board may consist of a single individual. A corporation must also maintain certain books and records and hold annual shareholder meetings. In small, closely held corporations, the documentation of these activities may be more onerous than is warranted.
Unless qualified as an 'S' Corporation pursuant to extensive IRS rules, a corporation is subject to double taxation, i.e.; income is taxed once at the corporate level and then taxed once more when income it is distributed to shareholders as a dividend.

The LLC seemed easier. i.e. no board meetings etc. Corporation seems to fit larger companies. I would imagine we would be MAYBE a 3 truck outfit at best.
The escrow account is mandated per lease agreement.
Thank you for the info. I will pass it along to my husband.

 

6wheeler: Thank you for the info. This is more complicated that I had anticipated. Your summary makes it much easier to figure. I will pass this along to my husband.