I am considering getting into the trucking business as an independent driver. What is the best business structure or entity for me to form to operate my business?
Choosing the best entity to own assets and/or operate any business, including a trucking business, is typically dependent on the particular circumstances involved, such as the size and nature of the company’s business, and number of owners or members and their respective rights and obligations. Although an LLC and a corporation can both help protect our customers from liability, we find that many of our customers choose an LLC to operate their business. An LLC can offer them more freedom in how they can manage their business (for example the investors can expressly set forth and/or limit the rights, powers and obligations of the LLC’s managers and members), and may not require some of the typical formalities of a corporation, such as annual meetings of stockholders. In addition, an LLC can have 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 contras
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