accounts

beachbum20714 · Nov 26, 2005

frank,do i have to have a seperate account from my reg personal account?will be working for an o/o in jan 2006.just getting into the business.would like to own my own truck,but we'll see how it goes.also,how do people buy there own trucks after driving for an o/o?i know the dealer ships want 10% down,thats alot of money.is there a way to buy w/o putting all that money down?after all ,if i had that kind of money,i'd be doing VERY well for myself,and would not need to own a trk.

Crazynuff · Nov 26, 2005

If you need a reply to your first question before Frank gets a chance , yes you need a seperate business checking account . Deposit every penny of your receiveables there and keep a very accurate record of every penny that goes out . You'd be very wise to hire an accountant familiar with trucking to advise you and keep you out of trouble with the IRS . Now as for buying a new truck for less than 10% down - if you don't have that 10% you probably don't have a reserve to cover unexpected repairs , downtime due to illness or injury , etc. If that's the case don't even think about trying to get started .

Fkatz · Dec 3, 2005

Crayznuff, thanks for anwering that question for me, and you are 100% correct in saying that if you dont have a reserve do start in this business,

It a great business to get in but you all have to remember that you have to have enough to fall back on for atleast 4 weeks of reserve to get you though the start up. Some companies do not pay you for 3 weeks, some pay every 2 weeks, but the mimumn is 2 weeks before a check is paid.

Frank