question for owner operators

I couldn’t, only reason I have one actually as a sole prop is to file it.

I just sent the llc paper work in after 6 or 7 years or whatever it’s been running it that way

 

What does the contract with the carrier say you need?

 

Progressive or Geico Marine are the only ones I have used. Both you can do an online quote to give yourself an idea of what it’ll cost.

Progressive only does non trucking liability unless they changed from 6-7 years ago. Geico I don’t know what they offer.

There is a difference between the two.

 

I am lazy. If I’m leased to a company they get to do all the paperwork. That’s what their office people are for.

 

For the first thing is before you do anything you need to have an accountant.

You need an accountant that knows trucking that can tell you what the best tax situation is for yourself.

Self employment tax I believe is 30%. You don't want to pay that.

Trucking has a lot of deductions that if you have an accountant that's not familiar with trucking, or if you just shut your eyes and guess what you're going to do, it will cost you a lot of money in what you miss.

The second thing is, it sounds as though you're really in a hurry and someone has just said hey all you need is this and come on with me.

Are you aware of what kind of a deal you're getting into?

Are you signing on to some owner operator somewhere to run the load boards or are you signing on to a place that has a lot of their own freight that you're not left with the freight board leftovers?

Are you getting the right percentage? Do you understand what I mean when I say what percentage of what percentage are you getting?

Do as you wish, but I think you really need to sit down and make sure you have things figured out while you're still at a crawl, before you start to gallop yourself into trouble.

Not that I'm saying you're going to be in trouble, but you need to be well thought out.

 

Self Employment Tax is 15%. You split it at 7.5 ea if you're an employee, but as the employee and the employer you get to pay the full 15%.

 

If you are operating under his authority, and you are interstate, you need a contract to be legal, this is an fmcsa requirement.

You have no choice.

what does the contact say about these issues?

 

I started out leasing on with a carrier but I knew that I eventually would go out on my own. That’s where my thinking and advice comes from.
You think that you’re lazy, lol I’m the poster child for lazy