There are various business structure options available for investors who are investing in a new trucking company. The different options available are partnership, corporations, sole proprietorship, and limited liability company (LLC). Most owners prefer to register as a corporation or limited liability company (LLC) to step into the trucking business and make it successful.
Limited Liability Corporation (LLC)
It is a mixture of a sole proprietorship, partnership, and organization. Based on a personal tax return, the organization members file taxes listing the profits and losses of the business. After enrolling as a limited liability company (LLC), businesses can also tax themselves like corporations.
LLCs do not have annual business requirements, nor they have shareholders. Thus they can start LLC as an individual owner.
IRS Form 2553
This form is employed in the election with authority to own your transportation business, like trucking business treated as an S corporation for tax functions whenever profits and losses are circulated through to the shareholders who announce it on individual tax returns.
If you don’t go for this step, the IRS will assume that it’s a C corporation and you to pay the total corporate income tax.
Bylaws
Limited Liability Corporation needs to go according to the total of 27 articles and ten annexures consisting of the rules and regulations, as of 28 November 2019
Minutes of Meeting
They are documents assembled that need to be prepared during every meeting of the corporation, which contains essential information such as people present in the forum, forming, questions raised, solutions are given to resolve the problems.
Corporation Kit
It functions as a binder containing all the company’s essential documents, starting from the minutes of the meeting to the corporate seal, which has all the financial information along with by-laws and articles of the association.
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