Good companies become great companies by adapting to the market, using comparative advantages, and positioning themselves with customers with similar characteristics and cultures.
Choose a Business Entity: Sole Proprietorship or Limited Liability Company
It’s a good idea to decide what business entity to form at the beginning of the process. The two most common entity’s in the transportation industry are Sole Proprietorship and Limited Liability Companies (LLC).
This is the most common business structure as it’s the easiest one to create. Under this entity, the sole proprietor owns the business himself. The trucking company’s profits and losses are treated as income and losses of the owner on their income tax return.
The biggest concern of a sole proprietorship is a liability. If a lawsuit is filed against a sole proprietorship, it is essentially being filed against the company’s owner and not the business itself. The owner is completely liable for the lawsuit.
Steps to help when forming a sole proprietorship: