question for owner operators

Discussion in 'Ask An Owner Operator' started by cdelong88, Jan 25, 2025.

  1. cdelong88

    cdelong88 Bobtail Member

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    just starting out need to ask a few questions? I am leasing on to a company and using his dot and insurance....do i need to get a ein or a llc right off the start or can i add that later in the year so im not wasting money just in case this dont go any farther. when i spoke to the carrier he said all i need is a ifta sticker and tags to get rolling with him. there alot to understand here and help would be great with others that has done it im willing to listen n take advise please helo me out
     
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  3. Concorde

    Concorde Road Train Member

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    Get your llc, s-corp or whatever because you need to have a ein number for your trucking business..that’s how the irs will identify you.

    You’ll need it for your tags, ifta and 2290.
     
  4. Concorde

    Concorde Road Train Member

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    I had my CPA set everything up with my state.
     
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  5. Long FLD

    Long FLD Road Train Member

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    If you’re a one truck guy there’s not really any need to incorporate or form an LLC unless the benefit of having it outweighs the expense of it. Your personal assets won’t be protected so long as you’re the person driving. I’m a partner in an LLC for some stuff up home, but as far as my truck stuff I simply file as a sole prop. For me it’s not worth it to incorporate only having one truck leased to a carrier.
     
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  6. Concorde

    Concorde Road Train Member

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  7. Long FLD

    Long FLD Road Train Member

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    You don’t need an EIN. Everything I do that’s truck related is simply my name with my SS number as a sole prop. My business license for my tax exempt paperwork with NE is just my name. Especially if he’s leasing to a carrier to start out there’s no need to make it more complicated than it has to be.
     
  8. Concorde

    Concorde Road Train Member

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    You can file a 2290 without a ein number?
     
  9. cdelong88

    cdelong88 Bobtail Member

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    I am a one truck guy at the moment just starting out may expand to one other truck later on if this goes as planned. so i think im just going to do it with no llc starting out and if i exceed i will get a llc later in the year sound smart ?
     
  10. Spyro2112

    Spyro2112 Medium Load Member

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  11. Concorde

    Concorde Road Train Member

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    Really depends on what your long game is. If you’re jumping in for the long haul then I’d set up a proper business. If you want to start establishing business credit I’d set it up once and be done with it. You want to purchase new equipment someday you’ll need a business that’s been operating for about 2 years for commercial lenders.

    What you should do is have a sit down with your CPA and get some guidance.

    IMO it’s better to get your own tags, ifta license, 2290 and individual state credentials..NY, CT, KY, NM and OR. This way you can move on from the carrier you signed up with without having to start all over. What I listed there is going to set you back about $2,500

    Still going to need non trucking liability/Bobtail insurance..
     
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