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

Discussion in 'Lease Purchase Trucking Forum' started by tscottme, Feb 1, 2021.

  1. tscottme

    tscottme Road Train Member

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    Do I need to start a business entity (S-Corp, LLC, Sole Proprietorship, etc) before beginning a walk away lease at the company Ive been working for since last summer?
     
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  3. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    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.
     
  4. Pepper24

    Pepper24 Road Train Member

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    If your the only one in the entity why bother with it at all what is the benefits of it.
     
  5. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    There are tax benefits. I am a single member LLC.
     
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  6. Pepper24

    Pepper24 Road Train Member

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    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
     
    bzinger Thanks this.
  7. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    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.
     

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    Bean Jr., nredfor88 and Coffey Thank this.
  8. Pepper24

    Pepper24 Road Train Member

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    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
     
    Last edited: Feb 15, 2021
  9. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    That was my profit and lost statement for last year
     
    Bean Jr. Thanks this.
  10. Pepper24

    Pepper24 Road Train Member

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    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
     
  11. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    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.
     
    Bean Jr., uncleal13 and dwells40 Thank this.
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