O/O Partnership Business Structure

I see nothing positive coming from this venture at all. Nothing.

Were you married with combined finances it could work, however here's how it would work for me:

2 days down the road she gets a ticket home and books loads from the comfort of her couch. I make a living in peace. The relationship and the business venture are miraculously saved.

Secondly, I would not even utter the words 'build a fleet' until you have a few years under your belt as a successful owner operator running your own numbers. I wouldn't even go that far before you slowly buy a truck and lease on with an outfit for a year or two.

YMMV......

 

Team drivers can make a lot of money.

If it were me, I would want to get a company job and make as much money as possible for however many years until you have a giant pile of money.

In the meantime you see how you work together you see how you make decisions together you see if you get on each others nerves you see if one does more work than the other you see how you compliment or what are the problems between each other.

And aside from all of that you give you a relationship the test of time before you put it through a Business Partnership.

After saving all of that money you should put in the exact identical same dollar amount.

You need to be set up in such a way each of you draws the exact same identical salary and money that goes into the bank for savings can only be withdrawn with both signatures.

As far as trucks go, you're going to run a team you really pretty much need a brand new truck. In fact your business plan has to figure for buying a new truck every so many years if you're going to run a team.

That type of an operation is about miles. You need a truck that you literally can turn the key and put as many miles on it as you can without doing anything to it except changing oil and tires and that type of thing.

An older truck it's not going to cut it for that it would break down it would cost you money and your goal is to roll mile after mile after mile Non-Stop.

And then get another truck to do the same when it's time.

 

@Dave_in_AZ miggt be able to help with land star.

 

Get a business lawyer. He'll likely recommend an S Corp.

 

Do you like old sayings???

I do. I believe there's tremendous wisdom in them.

Are you familiar with the one that goes," Don't mix business with pleasure?"