Motor Carrier New authority

Thank you for your help, I just want to share a quick update, I paid the insurance down payment today and the Insurance Agent said my MC will be officially in business by tomorrow,I am realy excited about this, I worked as driver for 10 years and looking forward to be an an Owner OP finaly

I am tons mostly spam e-mail and calls from all kind of companies, what is best company for factoring?

Any otherwise thing you want to add to help me achieve this new task is highly appreciated.
I would double check by pulling a SAFER report on your DOT#. It will tell you when your MC Authority is active. It will say NOT AUTHORIZED in red until it goes active. SAFER Web - Company Snapshot

I would suggest to anyone that they set up their own legal business (an LLC taxed as a SCorp). The money saved on taxes will more than pay for the extra paperwork. DBA's don't give you the tax deductions that an LLC will.

It is a good idea to create your company 1st and then get your DOT, MC Authority, BOC-3, UCR and Insurance as they will all have to be updated with the company name.
 

mndriver

curmudgeon extraordinare
Supporter
I would suggest to anyone that they set up their own legal business (an LLC taxed as a SCorp). The money saved on taxes will more than pay for the extra paperwork. DBA's don't give you the tax deductions that an LLC will.
fallacy.

That's based off speaking with both a tax/business lawyer AND a CPA that specializes in trucking and corporate finance/tax.
 

Mike

Well-Known Member
Staff member
Sole proprietor and LLC, same tax code.

When you start making good money (working without any business debt), taxing as an S-Corp begins to have benefits. Those benefits will only be realized though with a good accountant and some effort on the part of the business owner.
 
An LLC can be filed as a C Corp or an S Corp or a Single Member LLC all of which have different tax and asset implications.

I am not a CPA or a Tax Attorney but I can read.
I have worked as the accounting manager for 3 different logistics companies. When faced with the question of how to set up my own business I did my research.

See ( Sole Proprietorships, Partnerships and LLCs Are Commonly Used Entities ). A good article that lays the differences out for you.

I have a LOT to learn but the one area that I am the most confident in is the accounting part of this venture.
 

mndriver

curmudgeon extraordinare
Supporter
And a second year law student would wipe their nose with you.


I guess sitting down with a CPA and a lawyer is pointless since we have the interwebs.
 

Mike

Well-Known Member
Staff member
I guess sitting down with a CPA and a lawyer is pointless since we have the interwebs
Actually depends on the ones you sit down with.

Ultimately, I agree with the S-Corp route for tax filing, but not until you are clearing enough profit to justify it, and not unless you are willing to do the things that bring you your benefits.

The average single truck owner operator won’t benefit from the tax classification, but it’s also not an accurate blanket statement to say it isn’t beneficial.
 

mndriver

curmudgeon extraordinare
Supporter
Actually depends on the ones you sit down with.

Ultimately, I agree with the S-Corp route for tax filing, but not until you are clearing enough profit to justify it, and not unless you are willing to do the things that bring you your benefits.

The average single truck owner operator won’t benefit from the tax classification, but it’s also not an accurate blanket statement to say it isn’t beneficial.

My point is that people think incorporating or such is some magical umbrella that will protect them and such from what ever in this litigous society.

And they won't
 

ironpony

Professional Pot-Stirrer
Supporter
My point is that people think incorporating or such is some magical umbrella that will protect them and such from what ever in this litigous society.

And they won't
They hear the ads on TV and radio claiming that some sort of business structure or another will protect them from liability lawsuits.

Right.

Not a snowball's chance in he'll of that happening.
 

nan

Well-Known Member
Supporter
They hear the ads on TV and radio claiming that some sort of business structure or another will protect them from liability lawsuits.

Right.

Not a snowball's chance in he'll of that happening.
Well it can prevent them from taking your boat.
 

nan

Well-Known Member
Supporter
Actually, not. Unless you sail away very fast.
LLC is for personal asset protection by definition.

Your business can be obliterated but it keeps your family under roof, provided you properly run your finances aka separate.
 

mndriver

curmudgeon extraordinare
Supporter
LLC is for personal asset protection by definition.

Your business can be obliterated but it keeps your family under roof, provided you properly run your finances aka separate.
a second year law student would use it for a nasty lunch clean up from taco bell.
 

ironpony

Professional Pot-Stirrer
Supporter
LLC is for personal asset protection by definition.

Your business can be obliterated but it keeps your family under roof, provided you properly run your finances aka separate.
Very wrong. LLCs do nothing of the sort.
 

nan

Well-Known Member
Supporter
Very wrong. LLCs do nothing of the sort.
Uh yeah they do. That's their purpose.

There are exceptions but the term "limited liability" means your personal liability is limited... basically to extreme cases e.g. negligence or wrongdoing on your part.
 
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ironpony

Professional Pot-Stirrer
Supporter
Uh yeah they do. That's their purpose.

There are exceptions but the term "limited liability" means your personal liability is limited... basically to extreme cases e.g. negligence or wrongdoing on your part.
You need to speak to an attorney.
 

nan

Well-Known Member
Supporter
You need to speak to an attorney.
A simple Google search does the same thing. Plus, it's right there in the name.

The extent of protection varies by state, but the very nature of it limits liability. Hence the name limited liability.

If you continue to dispute that, you are arguing for the sake of arguing.
 

ironpony

Professional Pot-Stirrer
Supporter
A simple Google search does the same thing. Plus, it's right there in the name.

The extent of protection varies by state, but the very nature of it limits liability. Hence the name limited liability.

If you continue to dispute that, you are arguing for the sake of arguing.
A LLC has nothing to do with limiting your liability with regard to your exposure to consequences of your actions that may harm others in commercial business. I'm not "arguing for the sake of arguing," which is why I suggested an attorney.
 
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nan

Well-Known Member
Supporter
A LLC has nothing to do with limiting your liability with regard to your exposure to consequences of your actions that may harm others in commercial business. I'm not "arguing for the sake of arguing," which is why I suggested an attorney.
Yeah and I never said it did. In fact I stated this very thing as an exception.

If you'd care to actually read.
 
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