Making a living chasing the sun in an 18-wheeler is not for the faint of heart. Long hours, hazardous driving conditions, crowded roads, bad weather and crazy drivers are all part of the job. However, what many truckers may not realize is the greatest risk they are taking is with their financial future if they are not incorporated. Choosing the best entity for a trucking business can protect individuals, shareholders and/or members from liability. Most of our clients choose an LLC to operate their trucking business.
An LLC does not require some of the typical formalities of a corporation, such as annual meetings of stockholders, or issuance of stock. In addition, LLCs also offer additional tax advantages over a Corporation.
For example: an LLC with only one owner may not have to file a separate tax return and its profit or loss can be included on the owner's tax filing. In contrast, a corporation must file a separate tax return.
Whether you work for a large trucking company or are an independent contractor, the decision to form an LLC offers not only tax benefits but the security of knowing that in the event of an accident, your personal finances won't be attached to any legal disputes. Life is often a bumpy ride; don't make it worse by failing to protect yourself.
MyLLC.com has highly qualified representatives ready to assist you in forming your LLC today! Lets' get started!
Disclaimer: All the information contained herein should in no way be considered legal or tax advice. Contact your tax adviser or legal counsel prior to making any decisions.