O/o

Discussion in 'Ask An Owner Operator' started by Phoenix_rides_again, Sep 26, 2020.

  1. Phoenix_rides_again

    Phoenix_rides_again Bobtail Member

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    So when you go owner operator I take it you set your self up a LLC to collect settlements and pay yourself as an employee. Trying to figure things out recent divorce with 3 kids so child support. I will happily pay but don’t want her dipping into operational funds
     
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  3. Ridgeline

    Ridgeline Road Train Member

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    Get an accountant who can set this all up for you, depending on the state, it may be complicated because you are both an owner and an employee and the state will take in consideration that fact.
     
  4. 86scotty

    86scotty Road Train Member

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    Most here recommend LLC. My tax guy does not and I took his advice. I’m just sole proprietor.

    His recommendation after 25 years in the business is that LLC does nothing for you but cost money.
     
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  5. jamespmack

    jamespmack Road Train Member

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    You are correct on llc. The only reason I have it, is if I choose to add a employee or lease a owner op on. Other than that it does nothing. You still a solo proprietor single llc. Its only like a 100 dollar fee initially in my state. With no partners you do not need a attorney to complete one. They are public record. Look up someone's and copy it.
     
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  6. Midwest Trucker

    Midwest Trucker Road Train Member

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    Sounds like you need an LLC taxed as S Corp. I’d follow the advice given of a very good accountant. Accountants are like lawyers though, just because they have a certificate doesn’t mean they are good. I went through 2 accountants before I found a good one. I’ve also gone through 3 lawyer before finding a good one. I’m sure your ex wife is going to dip in no matter what but let a professional give you that advice.
     
  7. bad-luck

    bad-luck Road Train Member

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    An accountant will help you sent up what is best for you, whether it be an LLC, s-corp extra.... The tax laws are complex for trucking, it would never be beneficial for an OO to do their own taxes, unless of course they are a cpa...
     
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