operating authority

No different than a corporation that has to register as a foreign corporation under similar rules.

Your corporation is domiciled in one state. It operates from that state. You are not doing business in another state.

 

Like said above, domicile state. Trust me, the usual suspects will get their pound of flesh, no matter where you live, corp or LLC. You can drive a truck as a sole prop. if you want. No one cares who or what you are, as long as you pay your tribute.

Welcome to trucking.

Mike

 

The problem could be traced to independent versus an owner leased to a company. I would have to research this, and since not being paid, not interested in spending time for free. I am a truck driver and I do enough of that already.

 

Either way, indy or lease op, LLC or sole prop is the way to go. Now, if you get into a 10 to 100+ operation, then a corporation will serve its purpose. But, for the majority here, an LLC is the ticket. Unless you all like paperwork and paying quarterlies when you don't even have the money to do so. And then you have to pay the penalties and fines on top of the money you owe, THAT YOU DO NOT HAVE!

I have a buddy there right now. He finally took my advice and got with my accountant, hopefully he was not to late. But is still looking at some fines and fees for not paying his quarterlies on time, because he does not have the money. And then he has HIS accountants bills to pay on top of that. The guy never even gave him his per diem! What a mess.

The point is, get an accountant that knows trucking and all of our deductions, along with a reasonable understanding of the true liability out here.

You screw up and kill someone, ain't no corporation going to save you or your personal property. Everything is on the line, act and behave accordingly while behind the wheel. As there is no magic pill for stupidity.

Mike

 

It is the reason of the comment as to why they were after it in the first place.

If you really look at it, a sole proprietor is easier to do because the money in the account is the owner's either way. It can come to him without problems.

As you stated, there is no protection for an accident.

There are other reasons for doing the formal methods, but they truly need to be looked at first.

 

why would I pay quarterlies if I have no employees?

 

Are you going to be an employee?

 

I am the president of the company but I am also the one driving the truck

 

Then you are the employee, I think! Any way thats the way my accountant handles it it.

 

Even if you are a sole proprietorship, you are expected to pay quarterly estimated taxes on your anticipated income for the year.