I'm New w/Startup Questions

gingerkitie · May 2, 2008

Hi there! I just want to start by saying...Thank God for you guys being here for us! I'm so confused... I drove big truck for a little over 10 years and always as a company driver. After unfairly getting the boot from my last job, I decided to start a business of my own and a cargo van would be a great way to go, especially since I know the ropes of p/d, but since my foreclosure, my credit is shot and now I have a judgment from a creditor over credit card debt which is filed against my federal income tax. I'm thinking that it might be best to put everything in my 24 yo daughter's name, at least until I can generate enough revenue to get my finances straightened out. So if I file our company in her name and also obtain the van in her name and I would do all the driving, would it then be possible for us to get commercial insurance in my name only as the sole driver? As if she hired me on to drive for her? Or would they expect for the insurance to also be in her name since she would be the owner of the company and the owner or leaser of the van? She's only 24, so I'm thinking insurance rates would KILL! Please help me figure out the best way to structure all of this.

nightcreacher · May 2, 2008

youw would have to put the insurance in the owner of the trucks name,what to do is put the truck in her name and have her lease it to a company,then you lease it as a sub contractor from her,she gets write off for depreciation and interest,you get the lease write off,in all you both make out.

greg334 · May 2, 2008

I would seriously talk to a lawyer to see what liabilities that she will face if there is an accident or a claim that goes beyond the insurance, it may wipe her out and she will have a bad time for years to come. Insurance will only limit so much but many tend to forget that no fault insurance does not mean you can't get sued. Also don't fall for the incorporate BS, there are still a number of liabilities that can effective wipe a person out, meaning there is limited protection.

I would seriously talk to an accountant and see if there is some way they can find to help you with the problem. I know of one solution that can be used, but an accountant can tell you exactly what that is and how to set it up.

Your situation is not bad if you only went through a foreclosure and one attachment, try bankruptcy with no income for a while.

Oh and remember this is a business, not a hobby. Protect yourself first.

Jeff35 · May 2, 2008

Maybe this person can help you with repairing your credit. Her email address is [email protected]

x06col · May 2, 2008

The world is full of folks trying to "screw the pooch" these days. Caused by stewpid, don't wanna, and a myrade of other reasons. I'm certain your "delima" has been "caused" by someone else, but, why continue the charaid? If you have difficulty again, you'll take your daughter with you.

jaminjim · May 2, 2008

Don't sugar coat it Col. tell em what you really think.

dieseldiva · May 2, 2008

I agree with the col. Not to be mean, just sensible and compassionate to your daughter. She may agree to something like this because to refuse would be pretty complicated between you two. I think you should put HER best interests above your own and not ask or expect her to do something like this for you. There has to be another way.

davekc · May 2, 2008

I would skip the lawyer and everything else, and not even entertain the idea. You have a 24 year old daughter that you could put in a serious long term financial mess if anything goes south. Do you really want to put yours daughters credit at risk with her at such a young age?
Hate to be harsh, but whether by your own fault or not, your current financial situation is a disaster.
Van business is extremely volatile right now. Take my advice, save your money, get your credit straightened out, get a job, and then proceed on your own.
Mixing family and business is usually a disaster if one is in financial distress.

x06col · May 2, 2008

Ahh, yer right Jazbo, velvet on the blade. I remember that now. But, I been see'in the crap these clowns are pull'in for a some years now. Jes gitt'in tired of watchin it. And others like the nite giv'in the grand advice to perpetuate it.

mstephensr · May 2, 2008

WOW! Let me give you some advice from a person not to much older than your daughter! I got myself in to major credit and financial problems on my own at the age of 22 and it has taken me nearly 10 years and I am still trying to recover. This was nobody's fault but my own but I have grown up and learned a lot in the last 10 years and am finally recovering to the point that I was just able to buy my wife and I our first house and car. Be a good mom and don't take a chance on your dauhgters future. Her amd your possbile future grandkids could suffer for a long time for something as simple as an honest mistake.

gingerkitie · May 12, 2008

Thanks guys! For all your suggestions, I really do appreciate the feed back. But I would like to set just one thing straight, this isn't about me being a "good nor bad mom" it's not like I coherced my daughter in any way , form or fashion, we BOTH came up with this idea as a means to better our circumstances for the present time being. Believe me, she is my priority and I would never put her in harms way intentionally. Thus I seeked advice and again I thank you all for that which was given!

Rollinout2 · May 14, 2008

again, i question if the newbies can actually read what's going on out here????
smart too. class a cdl and wants to drive a cargo van.
really, go back to gen frt as a company driver.
nah, the more the marrier.
you and the auto plant lay off crowd can enjoy truck stop livin'

thinning of the herd--look around

paid vacationer · May 16, 2008

Have to agree with the majority opinion here on this one. lol... especially the screw the pooch part ( good one, Col).. I'm in a ST so I don't know much on the "van" side, but from what I can tell when things slow down the van get hit first then ST, then TT last. Could be wrong but I don't think so. rollinout, are you sayin NLM is not good frt...say it ain't so....