Owner - operator info needed?

Question:
My buddy and I want to either lease or buy a tractor/trailer, and become o/o drivers in a team. My question is what kind of legal fees and all the biurocracy is there involved before we can start driving for ourselves?

Answers:

What would happen if my 17 yr old daughter wrecked my car if she is not on my policy?

Licenses fees, money to establish yourselves as an official business. Then you might be dealing with contracts on a person to person basis to avoid miscommunication or liability. Also if you can't mangage the accounting part well enough, you'll have to pay someone to do it for you. Accounting makes sure all of your financial work is straight so that the IRS can't bother you.

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