Originally Posted by topsites
What I've been told to do is create another company who takes care of the trucks financially as it buys and repairs / maintains your trucks. Of course you are the one doing the work, but this other company takes care of the money.
Then, this second company leases the trucks to your Lco.
Supposed to be some tax and other benefits to doing it this way, I never tried it but the guy who told me really seemed to know what he was talking about and he did things this way with his company.
We did this in my last company (a partnership). You had to have quite a bit of vehicles and equipment for it to be cost effective because of the additional paperwork another set of tax's to do at the end of the year, another corporation to set up etc. I forget the break even point, it was set up years ago. Seems like we had about 5-6 trucks but it was when we bought the crane that it really made the difference.