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Ric
Joined: 10 Feb 2005
Posts: 128
Location: Oviedo, FL
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| Posted: Thu Apr 14, 2005 2:40 pm Post subject: Do You Single Truck O/Os Incorporate Or Become LLC? |
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GMAN
Joined: 13 Feb 2005
Posts: 9909
Location: Tennessee
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| Posted: Thu Apr 14, 2005 6:52 pm Post subject: |
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| I have a corporation. LLC serves basically the same purpose, I just like the way a corporation is set up. If you are a single trucker there may not be a need to incorporate. There can be some tax advantages to incorporating. There can also be additional annual fees to pay to your state for the privilege. Same with a LLC. If you incorporate or set up a LLC, you do have some asset protection should you have a serious accident. I think most guys out here operate as sole proprietors. :roll: |
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icedad
Joined: 10 Nov 2002
Posts: 427
Location: s/w Ga
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| Posted: Sat Apr 16, 2005 8:06 pm Post subject: |
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My advice is to talk a very knowledgeable trucking tax person. They will steer you straight and advise you as such. There are a few ways to go, but each individuals needs are different. Do not talk to your favorite tax person unless they have alot of truckers accounts.
I made the mistake of using my normal tax lady who was knowledgeable in tax laws and business accounts, but did not have a clue about truckers.
Whether you decide to go as an incorporation, LLC, or an individual. Each has it's pro's and cons. That's where a good accountant can help you. |
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314wb 359
Joined: 12 Jul 2005
Posts: 7
Location: COLORADO
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| Posted: Tue Jul 12, 2005 4:49 am Post subject: inc or llc |
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| not all states give llc the same protection as corporations. doesnt matter what your state does if you wreck or have trouble in one that is not llc friendly. corps are provided equal protection in all states. |
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GMAN
Joined: 13 Feb 2005
Posts: 9909
Location: Tennessee
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| Posted: Tue Jul 12, 2005 8:04 pm Post subject: Re: inc or llc |
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314wb 359 wrote: not all states give llc the same protection as corporations. doesnt matter what your state does if you wreck or have trouble in one that is not llc friendly. corps are provided equal protection in all states.
I have never heard of any state treating an LLC differently than a regular corporation. There are some limitations as to corporate structure and protections, but if it is set up properly, it should provide the same protection unless there could be some limitations in some states. It might be a good idea to consult a good corporate attorney familiar with the laws in your state. 8) |
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thms542004
Joined: 26 Jun 2004
Posts: 3
Location: TN
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| Posted: Wed Jul 13, 2005 11:44 am Post subject: |
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| What's the difference in becoming incorporated and becoming LLC? |
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Mandilon
Joined: 09 Jul 2005
Posts: 191
Location: Los Angeles - Austin - Houston - Dallas - San Antonio - Laredo
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| Posted: Sun Jul 17, 2005 2:51 am Post subject: |
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| ...one is that 'some' states do not 'recognize' LLCs. |
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TheWhiskeyHill
Joined: 13 Apr 2005
Posts: 17
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| Posted: Sun Jul 17, 2005 1:56 pm Post subject: |
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| My opinion, you should be structured as a LLC or S Corporation, but not as a sole prop. That could prove disastrous in the event of a suit. All your personal assets are at risk. Also the tax advantages of LLC and Corp. make sense to structure yourself as one of these entities. You can pay yourself a monthly draw and collect dividends. Don't forget you are in business for yourself, use the tax code to your advantage. A tax accountant should be consulted to see what would work best for you. |
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