Should I form a biz entity before starting walk away lease?

The only time you should form a business entity is when you are 100% sure that you're going to stick with it. It takes a lot of time and money to set up a business entity so why waste it if you're just going to walk away from the lease after a few months. I waited almost 6 months to set up mine and that was two and a half years ago.

 

If your the only one in the entity why bother with it at all what is the benefits of it.

 

There are tax benefits. I am a single member LLC.

 

I guess I really don’t know it doesn’t seem to me a lease purchase operation you would even clear enough to make any difference.Having to pay for 2 tax filing one for you and one for the LLC would pretty much eat up any kind of savings you think you’re saving

 

I actually save around 4k a year by filing as an scorp. Take a look at my thread "My lease adventure" I share my numbers on there. These numbers I gave you is with me only working 250 ish days and 100020 miles. If you like to run harder then me you can do much better.

 

I don’t know what this thing is you want me to download and look at but to save $4000 you must be clearing about $200,000 a year after expenses to be saving $4000 most only clear around $70,000 a year after expenses if lucky and are paying tax on that you wouldn’t owe but maybe $4000

 

That was my profit and lost statement for last year

 

I’m really not interested in any profit and loss it’s loss not lost statement on a chat room.Because we all know if it’s on the internet it has to be true right . I couldn’t tell how many times some trucking genius has came on here telling how great they are and making so much money doing a lease there feeding hungry children. I know enough to know if you’re doing a lease with one truck there isn’t any program or business structure saving you $4000 a year on your personal taxes very few people even owe $4000 at years end.unless you’re saving you don’t pay any taxes

 

Believe what you want. Makes no difference to me. Wish you luck and look forward to seeing a thread on your lease if you do it. Just remember they are possible to make work. I know mine has for three years now.