Team O/O?

Discussion in 'Ask An Owner Operator' started by dixiedoggjr, Nov 21, 2023.

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  1. Nov 21, 2023 #1
    dixiedoggjr

    dixiedoggjr Bobtail Member

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    Hey I’ve been apart of a team for almost 2 years and we’re thinking about going owner op in about another year or so and was wondering how that would work? Do we set up a multi member LLC with a partnership or 2 LLCs where the parent LLC 1099’s the other? Your help would be greatly appreciated
     
    dixiedoggjr, Nov 21, 2023
    dixiedoggjr, Nov 21, 2023
    #1
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  3. Nov 21, 2023 #2
    Ridgeline

    Ridgeline Road Train Member

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    Don't make it complicated. Get one entity, become employees and get a good accountant who is an EA.
     
    Ridgeline, Nov 21, 2023
    Ridgeline, Nov 21, 2023
    #2
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  4. Nov 21, 2023 #4
    dixiedoggjr

    dixiedoggjr Bobtail Member

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    I’m sorry could you elaborate more on how to set that up? I’m still green on all this
     
    dixiedoggjr, Nov 21, 2023
    dixiedoggjr, Nov 21, 2023
    #4
  5. Nov 21, 2023 #4
    Long FLD

    Long FLD Road Train Member

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    If you are both putting up equal money for the truck then you could set up a company with 50/50 ownership and then each of you would just be an employee of that company and you would both draw paychecks from the company. Your operating expenses would come out of the business account.
     
    Long FLD, Nov 21, 2023
    Long FLD, Nov 21, 2023
    #4
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  7. Nov 21, 2023 #5
    dixiedoggjr

    dixiedoggjr Bobtail Member

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    Ahh ok that makes more sense I was overthinking the employee part didn’t know you could be both owner and employee in a llc
     
    dixiedoggjr, Nov 21, 2023
    dixiedoggjr, Nov 21, 2023
    #5
  8. Nov 21, 2023 #6
    abyliks

    abyliks Road Train Member

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    Unless it’s a wife/husband don’t do it, partnerships never end well
     
    abyliks, Nov 21, 2023
    abyliks, Nov 21, 2023
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  9. Nov 25, 2023 #7
    RockinChair

    RockinChair Road Train Member

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    Also sit down with a good lawyer and have them write out a partnership agreement that specifies how issues and disagreements are to be handled when (not if) they arise.
     
    RockinChair, Nov 25, 2023
    RockinChair, Nov 25, 2023
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  10. Nov 25, 2023 #8
    rollin coal

    rollin coal Road Train Member

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    The only ship that won't float is a partnership.
     
    rollin coal, Nov 25, 2023
    rollin coal, Nov 25, 2023
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  11. Nov 26, 2023 #9
    Accidental Trucker

    Accidental Trucker Road Train Member

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    You could team with someone you're not married to; but like in a marriage, one of you has to be the boss. There can only be one captain on the ship.

    As far as the legal structure, LLC that employs the drivers and the support staff.
     
    Accidental Trucker, Nov 26, 2023
    Accidental Trucker, Nov 26, 2023
    #9
  12. Nov 26, 2023 #10
    goga

    goga Heavy Load Member

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    It does, for one of them for sure.
     
    goga, Nov 26, 2023
    goga, Nov 26, 2023
    #10
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