10 TIPS EVERY INDEPENDENT TRUCKER NEEDS TO KNOW – NOW! DO NOT GO INTO BUSINESS OR RUN YOUR BUSINESS WITHOUT SETTING UP A CORPORATION FIRST!
Incorporate your business.
Running a trucking company without the protection of a corporation is NUTS! Most people don’t incorporate their business because of the following issues:
- They do not know how.
- They do not think they will ever need the protection.
- They just do not want to spend the money.
Talk to your attorney or CPA and understand the importance of incorporating. If you run your business as a sole proprietor you DO NOT have enough protection. You might have insurance, but if something was to happen and the damages EXCEEDED your insurance coverage, you could be held personally liable, and your personal assets could be taken. By incorporating your business, you have the protection of the insurance coverage but you also have the protection of the corporation. Incorporating a business is so important and has become so cost effective because of the internet, that you can set up your corporation within days, for as little as a few hundred dollars. Consult your CPA and Attorney about the tax benefits, the protection and the credibility provided by being incorporated and do it today!
Join me next week here for Tip #6
Matt Manero combines his business brilliance with more than 20 years of hands-on experience in transportation equipment finance. Today, he is a CEO leading four companies that generate over $100,000,000 per year in business with a base of more than 10,000 clients.
Matt launched his first business, Commercial Fleet Financing, Inc., in 1995 with a phone, a folding table and the unyielding confidence of a single client, a trucker. Fast forward 20 years: Commercial Fleet Financing, Inc. made Inc. magazine’s Top 500/5000 list of fastest growing companies in America in 2014. Matt is the creator and personality behind CFFnation.com, the first and only online video network featuring original programming for and by innovators, operators, movers and shakers of the transportation industry.
His companies have been recognized in trade publications such as Overdrive, Transport Topics, Commercial Carrier Journal, and Dealer Solutions Magazine. Matt hosts his own weekly Radio Show aptly named, “The Grit” which airs on lifestyletalkradio.com and also on CFFnation.com. In addition to “The Grit,” Matt has authored a series of quick read books entitled “Tower, Mover and Construction Co. Need to Know NOW”, and also a forthcoming book, “I NEED MORE MONEY,” which reflects his battle to build his business and guides readers in creating their own future and financial success.