So you want to hot-shot? (Will be updated/edited frequently)

LLC or Sub S?

I have a sub s corp. and was thinking of doing an LLC for this business. I assumed for tax purposes the LLC would operate similar to the sub s. I was wrong.

I am posting this here for those thinking of starting. If you do an LLC you will be paying way more taxes than you have to. The Sub S is a bit more complex but your cpa should be able to walk you through it.

In my state (and I'm assuming anywhere), bottom line, if the company profits more than around $5k a year, sub s is the way to go.

 

Longtime listener, first time caller. Question guys. I am looking at trucks to start hotshotting. I have found a 2015 Ram 5500 chassis cab w/sleeper, extra fuel tank, fully deleted, and 185,000 miles. Of course I will check it over thoroughly but if it all checks out is $31,000 a fair price?

 

The first couple years new numbers attract a lot of attention at the scales. I am not sure what states check for the delete or how just something you might want to consider.

 

Thanks Lite Bug. I was thinking something similar. I see you are just up the road from me. How is the market here?

 

I am not sure

Not sure where you are located?

 

Ha sorry. NKY/Cincinnati area.

 

I know a guy close to you ( Cincinnati ) that can help. I will try to send my phone thru private message.

 

Im closing in on being ready. I'm still looking for a trailer lol. They just started doing the 2019 UCRs also.

 

I just got a quote today from Progressive for Commercial @ $9,063/Year
Ram 5500
Trailer 40 Ft
Unlimited miles (No restriction)
$1,000,000.00 liability
$250,000.00 cargo

I think I can lower my quote to $5000 to $7000/year if I use an insurance agent.





@flatbedcarrier - Do you still recommend buying a trailer from thetrailerguys? I am shopping around to buy a good trailer. What kind of the setup do you have on this trailer? Does it have Air ride? Customers are asking for air ride What are the specs on this trailer? How much weight can you put on it ?(CDL A).Thank you.

With hundreds of Brokers out there, would you be able to recommend anyone? I don't know anything about the Hot Shot business, I would rather pay a broker to start in this business but I can't run for lower than $1.45/mile .I have multiple scenarios and $1.45/mile is the lower I can do (per loaded trailer total).