Team Advice -D unit !!!

[Bornfree]

I will join a friend that has a D-unit leased with Con-Way and drive team with him as soon as I finish orientation next week.We are from the same city,known each other for many years and good friends.He owns the truck (paid off) and we'll go 50/50 on everything:fuel,tolls,repairs,insurance,etc...and what's left will split in two.I MIGHT buy half of the truck on a later date when he is ready to sell, but for now he'll be the owner 100% on the paper.My questions are:
-How does Con-way pay us?Both or just one settlement for the owner?
-How do I pay my taxes,deductions etc...since we'll share the expenses and on the papers he is the owner,how do I prove IRS that we went 50/50?
-What other things should I look into in order to be succesfull in business and keep our friendship as it is or better for both of us.
-I do not have any expediting experience,I drive tractor-trailers and team status I did it for only 4mo.
Thank you and BE SAFE!

"Are you talking to me?"

 

[Bornfree]

Anybody,please?I got about 3 days before orientation.Thanks!

 

[vernon946]

>He owns the truck (paid off) and we'll go 50/50 on everything: >fuel,tolls,repairs,insurance,etc...and what's left will split in >two.
It might be easier for keeping track of expenses like this on the road if you let the truck pay them, them separate the expenses down to each of you when the pay comes in. Do it on a computer and both get paper copies.

>I MIGHT buy half of the truck on a later date when he is ready to >sell, but for now he'll be the owner 100%
This statement (idea) makes you hired help in the eyes of the IRS. A better way, enter into this as a business with signed legal agreements between you. The main one is for a "consideration", you are buying 50% of the truck, subject to you continuing to meet the terms of the Conway lease and your partnership agreement on paper. This gives you that 50/50 status.


>-What other things should I look into in order to be succesfull in >business and keep our friendship as it is or better for both of us.
1. Agree in advance on your run offer acceptance policy, and who makes final say. Best now is take everything anyway so you both can learn.
2. Quiet time. Everyone needs it, especially running team in a very small space. Consider "time out" signals like shutting the curtains while the other drives or just taking a walk.
3. Time off or being a tourist. Agree in advance on how you decide when it is time to go home, or time to stop and be a tourist for a few hours.
4. Maintenance (and cleanliness). Gotta decide who does it and how they get compensated. Also, how careful will you be when the truck needs maint/repair. Our policy is to fix it when and where we find it as breakdowns are expensive and embarrassing.
5. A repair fund. Who holds it, and how much. We set aside 6% and pray that covers it. Because we're proactive, it usually does.
6. Religion breaks. No matter what kind, we all need it.
7. When you go out dating, take turns on the other one(the friend) who always wears glasses and has buck teeth. I don't have to worry about this one because I'm married to a beautiful co-driver.

Hope this helps a little.
Vernon

 

[Weave]

Thank you Vernon- I wish I could have helped out, but I have ran solo through my trucking career. I ran with Con-Way in 1999, but have no clue how they do things there now. Teams in expediting are a whole different ball game from solos. To make a semi-educated guess, the owner of the truck will receive one 1099 from Con-Way, and he will in turn have to give a 1099 to his "sub-contractor" co-driver. The owner will then write off the sub-contractor's wage, and the co-driver will use his 1099 to report his income. Mr. Katz is much better at this stuff than me, so go to the tax forum and talk to him about the best ways to handle these team business issues.
-Weave-