owner/driver lease?

[skip432]

Because of medical/physical issues with my wife I recently had to come off of the road breaking my lease with a carrier. I love this business but will not be able to go back out anytime soon. My question is regarding leasing my truck to one or more companies and putting a driver in it. I have someone interested in driving it. I am not looking to make a living off of this unit (08 E250 Ext.) I am more interested in covering the payments as I don't drive it anymore. I have a full time job now which gets me home weekly. I formed a corp. last year but do not have authority or com. insurance at present. How does this typically work for the driver, owner and company?

Who pays for the insurance, Qualcom,etc?

Who signs the contract with the carrier?

Typical split?

Contract?

Thank you, John Johnson

 

[greg334]

OK?

Why didn't you keep the vehicle on with the original company and then looked for someone to fill the seat?

A corporation?

Why?

Did you consult with an accountant to see what fits your situation?

You pay the insurance, you pay everything except the worker comp, and if the driver pays for fuel, they get the bigger share.

The last driver I had in a van I paid a flat 72% of everything and this worked out great. It was his idea, seeing we both had issues with the FSC of the carrier it was with and it gave me a consistent formula to work with on each run.

I would also get a lawyer, have them craft a contract for your situation and then make sure there is a 'cheat sheet' so you and the driver can understand it together. For the last 15 contracts I took a couple hours out with each team (bought dinner too) to go through it section by section and never ever had a dispute with one of them.

 

[bobwg]

OK?

Why didn't you keep the vehicle on with the original company and then looked for someone to fill the seat?

A corporation?

Why?

Did you consult with an accountant to see what fits your situation?

You pay the insurance, you pay everything except the worker comp, and if the driver pays for fuel, they get the bigger share.

The last driver I had in a van I paid a flat 72% of everything and this worked out great. It was his idea, seeing we both had issues with the FSC of the carrier it was with and it gave me a consistent formula to work with on each run.

I would also get a lawyer, have them craft a contract for your situation and then make sure there is a 'cheat sheet' so you and the driver can understand it together. For the last 15 contracts I took a couple hours out with each team (bought dinner too) to go through it section by section and never ever had a dispute with one of them.

Just wondering if it would be a good idea for a thread where those that have contracts between owner and drivers could post blank copies (no names or address etc) to compare the wording /details of the contracts?

 

[greg334]

The reason that wouldn't be a good idea is the contract should be formed for each owner's situation by a lawyer.

There are issues with self-written contracts when they end up in court or at least in the hands of a good lawyer who is trying to recoup money lost.