PARTNER OWNER OPERATORS

Discussion in 'Ask An Owner Operator' started by 615trucker'z wife, Oct 8, 2020.

  1. feldsforever

    feldsforever Road Train Member

    1,453
    1,440
    Nov 22, 2019
    0
    The bonus is they have already been teaming with each other for four years,
    Question is do they both have the same goal in mind?
    Honest talks and thought has to go into any business plan. But to go into business with a friend or family is dicey at best. As far as paper work goes. Look into the following. LLC and LLP and S corp or LLC with S CORP tax rates.
    A lot of people here don't really discuss this end to much because it always ends in how you run your company. And there are 1000's of right and wrong ways to do this. As @Chinatown mentioned get a hold of OOIDA. Your husband and brother should be able to help with this.
    Next comes the business constitution.
    Make sure they both add rules they both can and will follow. So instead of arguing they can reflect on or change rules as necessary.
    They should consider leaseing onto a company prior to getting their own authority. Unless they are both good with there money as the broker can take up to 6 weeks to pay your company.
    I don't have my own company yet. It's currently in the works. But I would like to make a honest suggestion. They each should have the same amount of pocket cash or petty cash either on hand or to contribute. For example. The last settlement was 3,900. 1st week of the year lets say. Then the following week they put 1400 in for fuel and blow a super single on the side of the road. For the cost of 1350. Now that 3900 is down to under 2k. And you still have payroll and taxes and food. Its easy to do good at this but both gotta be on the same page.
    Good luck.
    P.s talk to a tax attorney prior to a cpa
     
    James j and 615trucker'z wife Thank this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Dino soar

    Dino soar Road Train Member

    4,791
    26,878
    Dec 8, 2017
    0
    I know that it's not your question but Partnerships are very difficult.

    Semi cheap advice would be the reach one puts in the exact same amount of money. It can't be the one person's credit is at risk and the other one is not invested the same way. That business needs to operate that each one has exactly put the same amount into it and that amount is enough for that business to run if there's any problems until the money comes in.

    They also can each withdraw the exact same salary with no fluctuations whatsoever. Then all of the expenses and everything else get paid and at the end of the year those profits get reinvested into the maintenance account or they can split whatever profit is there but everything has to be exactly equal.

    And also make sure it's set up in such a way then no one can take money out of the bank without both signatures. And that new one person can sell the truck or trailer without both signatures.

    Partnerships are like marriages. Easy to get into, hard to get out of, can be incredibly costly, and you don't want a bad one.
     
    615trucker'z wife Thanks this.
  4. Midwest Trucker

    Midwest Trucker Road Train Member

    5,899
    21,311
    Aug 31, 2018
    0
    See all the reasons in the posts above why it’s so much easier to just make your own decisions and be done with it.

    They may have teamed just fine for years but when it’s just driving and collecting a check, things are much less complicated.
     
    86scotty and 615trucker'z wife Thank this.
  5. Dino soar

    Dino soar Road Train Member

    4,791
    26,878
    Dec 8, 2017
    0
    Partnerships are difficult to make work because very often one partner ends up doing more work than the other one. Then one is getting a free ride and one is working harder but they split it.

    So if one of them decides that oil changes in greasing is way too expensive we'll do it ourselves and all the sudden the other guy isn't around but it has to be done because you want to save money...

    Or you have one that ends up doing all the paperwork or that has more money invested or you have a difference because one runs to wants to run more miles one wants to take more time off one wants a different Lane one of them wants a newer truck...

    It isn't that it's not possible, it's that there are so many ways that it can go wrong and it's kind of so complicated that it can derail and go down the wrong track Without You realizing it until there is a lot of frustration and resentment.
     
  6. rollin coal

    rollin coal Road Train Member

    13,297
    26,866
    Mar 29, 2008
    TN
    0
    There's a reason Dave Ramsey says the only ship that won't float is a partnership. If you can't do it by your lonesome on your own dime or good name you ain't ready.
     
  7. 615trucker'z wife

    615trucker'z wife Bobtail Member

    28
    9
    Sep 27, 2020
    Antioch, TN
    0
    You know what, that's always been on my mind since day one. I told my husband anytime that he feels that he can't take enough it anymore he needs to quit the team. I'd rather we all have a good relationship and both of them doing their separate thing than having to end up hating each other. Am sorry about your brother and hope you guys have reconciled.
     
    Midwest Trucker Thanks this.
  8. 615trucker'z wife

    615trucker'z wife Bobtail Member

    28
    9
    Sep 27, 2020
    Antioch, TN
    0
    Hey there, thank you for your reply, that's what i told them, if the plan is buying a truck they need to still
    Hey there, I hear you loud and clear.. It's something we have think hard before we jump into it.. Thank you for your reply!
     
  9. 615trucker'z wife

    615trucker'z wife Bobtail Member

    28
    9
    Sep 27, 2020
    Antioch, TN
    0
    Hello , are you guys leased to a company or have your own authority?

    and yes, that's the only way everything should be 50/50.
     
  10. 615trucker'z wife

    615trucker'z wife Bobtail Member

    28
    9
    Sep 27, 2020
    Antioch, TN
    0
    Hello there, thank you for your input I appreciate the advice and believe me we will have a long talk before any moves!
     
    feldsforever Thanks this.
  11. 615trucker'z wife

    615trucker'z wife Bobtail Member

    28
    9
    Sep 27, 2020
    Antioch, TN
    0
    Hey there thank you for your input, am really jotting down all the advice given . I appreciate your time!
     
    Dino soar Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.