[greg_r]

Stats show that out of every 10 drivers that graduate a truck driver training school, only 1 is still in the trucking industry as a driver 12 months later.

The failure rate for new trucking companies hovers at around 90%. Granted, I don’t know the time before they fail, but the operative word is "new". I know that most who are suckered into a lease / purchase program fail within the first year.

in my almost 5 decades in trucking, I have had 7 companies that I worked for or was contracted to that closed the doors. It’s a volatile industry. Curious to hear from @TNTRAILERTRASH what his experience has been.

not saying that anyone is imminently liable, just saying that you may not be as protected as you think.

I do think that you and I are basically on the same page though.

 

[RACHGIER]

Stats show that out of every 10 drivers that graduate a truck driver training school, only 1 is still in the trucking industry as a driver 12 months later.

The failure rate for new trucking companies hovers at around 90%. Granted, I don’t know the time before they fail, but the operative word is "new". I know that most who are suckered into a lease / purchase program fail within the first year.

in my almost 5 decades in trucking, I have had 7 companies that I worked for or was contracted to that closed the doors. It’s a volatile industry. Curious to hear from @TNTRAILERTRASH what his experience has been.

not saying that anyone is imminently liable, just saying that you may not be as protected as you think.

I do think that you and I are basically on the same page though.

We are, I'm just clearing up any shadows that might remain. Bad business practices and shitty loans make you more liable then just being a sole owner of a business, and being in a partnership doesn't make you any less liable if your busy being dumb. While I can understand trucking is its own animal at a 90% failure rate, the average for all new start up businesses is an 80% success rate.

As far as drivers staying in the industry is concerned, some people just aren't made for certain jobs I guess.

Personally I love to drive all types of vehicles, and wouldn't mind being gone all the time. Then again I have a history of making odd career choices.

 

[undeRGRound]

Already mentioned them above. Simply stated, it may not protect against personal liability should you be sued. Courts, federal, and some states, have held that a single-member LLC is not a separate entity, and can not be used to protect assets of that single-member.

A single-member LLC is taxed like a sole proprietorship unless it files the forms to be taxed like a corporation.

Gotcha.

Mine is all within the bounds of the design. Possible liability is as near zero as can be.
It's simply an LLC set up for managing my SDIRA. Using an LLC for trucking is obviously a totally different situation than I'm in thank goodness

 

[undeRGRound]

...as a single-owner LLC you are in fact just a sole proprietorship, and even with partners all tax laws from your personal tax bracket apply as they would be required to do individual P&L's.

Either way, both are designed to limit an individual's personal liabilities and exposures, but neither can guarantee personal assets will be spared.

This.

Correct, my situation is mainly for taxes.
LLC is sufficient.

 

[Pistolkitty]

Funny this came up. Husband and I just went to a cpa yesterday to make an appointment and chat a bit about his non profit- we have some forms to file and we need to add me to the board and remove someone. The cpa was telling him he ought to switch from a Corp to an llc to not have to worry about the meeting and minutes crap, but he's hesitant because he wants more protection. He provides hunting retreat and fellowship to mentally and physically disabled vets wounded in combat, and though he vets his vets very well, the Chris Kyle thing is a legitimate concern. Or even just a bad accident. We don't want to be in a situation where we could lose our land or more if something bad were to happen.

 

[RACHGIER]

Funny this came up. Husband and I just went to a cpa yesterday to make an appointment and chat a bit about his non profit- we have some forms to file and we need to add me to the board and remove someone. The cpa was telling him he ought to switch from a Corp to an llc to not have to worry about the meeting and minutes crap, but he's hesitant because he wants more protection. He provides hunting retreat and fellowship to mentally and physically disabled vets wounded in combat, and though he vets his vets very well, the Chris Kyle thing is a legitimate concern. Or even just a bad accident. We don't want to be in a situation where we could lose our land or more if something bad were to happen.

The case we're referring to here in Colorado was a woman who ran a non profit and the TL=DR is she filed bankruptcy and just assumed that because it was a non profit business and the assets were owned by the LLC, that the assets couldn't be touched.

 

[undeRGRound]

Ok @backbencher the FFL 01 is $200?
Then one has the capability of transferring and shipping firearms. I was looking at Freedom Munitions and to buy wholesale there they require an FFL 02 according to their website. What's the diff?

All I am finding is it's called a pawnbroker license, looks same as an 01 so maybe an 01 cannot sell ammunition? Or FM cannot sell to an 01 for some reason...

I'll prolly have to ask them LOL

 

[FlashBang]

An FFL 01 cannot loan money for a firearm, pawnbrokers can. If they will give wholesale to an 02 they should also do it for an 01.

 

[1024Megabytes]

Statistics show that out of every 10 drivers that graduate a truck driver training school, only 1 is still in the trucking industry as a driver 12 months later.

The failure rate for new trucking companies hovers at around 90%. Granted, I don’t know the time before they fail, but the operative word is "new".

What are the main reasons people quit so fast in the trucking industry? I am guessing because of being gone away from home all the time is the biggest reason.

 

[undeRGRound]

An FFL 01 cannot loan money for a firearm, pawnbrokers can. If they will give wholesale to an 02 they should also do it for an 01.
View attachment 75316

Ah Hah!

Yeah I see no reason they would exclude an 01. Maybe others exclude 02's so that is why it is stated as such.

Thank You, @FlashBang

 

[GoesBang]

Well I am in the waiting mode now.

 

[GoesBang]

The ATF cashed my check.