partners in business

Partners in Business tip: Shorter loan, less costly truck

The ideal loan term for a three-year depreciable asset like a heavy-duty truck is three or four years. Here's why.

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Partners in Business tip: Open a separate checking account for your business

Run a one-truck owner-operator business? Separate your business account from your personal account -- here's why.

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Partners in Business tip: Use overdraft protection

There are options that are much less costly than bouncing a check.

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Partners in Business tip: The benefits of trailer ownership

While leased operators don’t have the pressing need to provide a trailer that most independents do, they often find trailer ownership has significant earning potential.

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Partners in Business tip: Save for retirement

If you don’t have a retirement account, start one. Here's why.

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Partners in Business tip: Obtain a monthly earnings statement

All of your records should be converted into a profit and loss statement at the end of every month to show miles, revenue, costs and how much money you made or lost.

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Partners in Business tip: Develop a business plan

A business plan outlines the details of your operation, including the types of freight you’ll haul, the traffic lanes you’ll run and the rate you’ll be paid. Here's why you need one.

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Partners in Business: Computers, Mobile Devices and the Internet

Online trucking resources combined with ever-cheaper digital tools can help you work faster, smarter and more profitably.

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Partners in Business tip: Get full disclosure in finance contracts

Truth-in-lending laws do not apply to commercial loans, such as truck financing, so dealers do not have to give full disclosure, but most will if they are asked.

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Partners in Business tip: Save every receipt, no matter how small

Why “tip” the taxman? Place an envelope in your truck for collecting your receipts and send them at the end of each month to your business services provider, who can then provide you with a monthly profit and loss statement as well as accurate quarterly tax estimates.

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