Trucking with business partners

This idea must have been conceived while drinking heavily. lol

Better pay yourself as the driver and then set aside 25 cents per mile for repairs, then after expenses split the “profits”.

 

There's been alot of things conceived while drinking heavily ..

 

Don't forget to file those quarterly returns

 

Y’all three gonna share debit card too?

 

The only ship that'll never float is a partner-ship.

 

After you pay the initial start-up expenses, pay for fuel, insurance, and normal maintenance costs, split the money three ways. If you hire a driver, pay him 35% of the gross on 1099 or 25% on W-2.
Or...look under your couch cushions for spare change. You'll probably make more money that way than with a three or four way split.

 

I’d do the split based on the percentage they invested . And the driver gets paid first , and maintenance and repairs and insurance and fuel and set aside at least 12-15% of the income for maintenance and repair fund.
After all that , split whatever is left according to their percentage of investing . Assuming no one is providing labor , if someone is working and spending time with the company , they should get compensated for that ,

and trust us , after the driver and all expenses are paid , there won’t be much money to split . Divided three ways . It might get the investors a dinner once a month .

once the driver wrecks the truck or the engine blows , how is the agreement set up to provide for more capitol investment of more money to get the truck back on the road ?

No one here is being dis respectful . you asked for advice and are receiving it , from people who have Been in this business a long time .

this is a disaster in the making , the odds of it succeeding are nearly zero .

There’s a guy on YouTube called “trucking from scratch “ that started a company and is very honest and open about what he does and what it costs .

y’all are going to need some extra money for new engines and stuff. But if the truck is paid for that helps since you don’t have a payment .

but it’s still a bad idea to get into business with friends and family .

forgot to ask : going to lease on to a carrier ?
Or
Do y’all have the MC number and insurance yet ?
Have a plan for finding loads ?
Picked out a lane to run concentrate on ?
What kind of loads ?
Dry van ? Reefer ? Flatbed ?

 

There is not much money left over to be split 3 ways off of one truck. Assuming you're all equal partners you spit the profit equal. I'm assuming you're paying yourself for driving?