LLC Formations
15 min read

Do I Need an LLC for My Game Truck Business?

Are you ready to start your own game truck business and embark on an exciting entrepreneurial journey? If so, setting up an LLC is an important first step that allows you to protect your personal assets and minimize your tax liability. In this article, we'll give you a clear, five step guide on how to set up an LLC for your game truck business and properly plan for its future success.

image of author, Nick
Written by:
Nick
Updated on:
August 2, 2023
image of setting up llc for Game Truck
Our #1 recommend business formation partner:
Image of Zenbusiness logo
ZenBusiness
Image of full star review ratingImage of full star review ratingImage of full star review ratingImage of half a star review rating
Form your LLC Dream Business in minutes.

Get worry-free services and support to launch your business starting at $0 plus state fees.

Subscribe to our newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Table of Contents:

7 Steps to Setting up an LLC for your Game Truck Business:)

1. Pick a Name For Your Game Truck LLC.

When naming your Airbnb LLC, it is important to consider the potential impact it could have on your business. Your name should be catchy and memorable, while still accurately representing the services that you provide, whether that’s rental properties or travel experiences. Consider the following tips when making a decision:

  • Research the competition - Look at the names of other Airbnb businesses to get an idea of what is already out there. Are there any words or phrases that you find especially appealing?
  • Be unique - Aim for a name that isn’t already in use, either online or in real life. A good rule of thumb is to make sure there aren’t any other companies with the same name.
  • Think of a memorable phrase - If you’re having trouble coming up with something new and fresh, look for different adjectives and nouns to get your creative juices flowing.
  • Stay relevant - Your name should be rooted in the concept of travel and hospitality, which can easily be accomplished by including keywords such as “lodging”, “vacation” or “rooms''.
Find a domain starting at $0.99

powered by Namecheap

2. Choose a Registered Agent For Your Game Truck LLC.

Picking out a registered agent for a game truck LLC can be an intimidating task. A registered agent acts as a representative for the LLC during official legal and tax matters. To ensure the success of your game truck business, it is important to pick a qualified and dependable lawyer or business that can properly represent you. Here are several tips to keep in mind when selecting a registered agent for your game truck LLC:

  • Keep local: Look for a local business or lawyer that is familiar with the game truck industry and your area specifically.
  • Do some research: Review previous customer reviews and research online to make sure the prospective candidate comes highly recommended.
  • Look at services offered: Not all registered agents offer the same services, so make sure they provide what you need.
  • Check price and fees: Get quotes from different potential agents so you know exactly what to expect payment wise.

3. File Your Game Truck LLC Certificate of Organization.

Filing a certificate of organization for your game truck business is an important step in the process of starting your business and can be done quickly and efficiently online. Before filing your certificate, it is important to consider the structure of the business, name availability, and the requirements for successful filing. Read on for more information on how to file your certificate of organization for your game truck business.

  • Choose the structure of your game truck business: Sole proprietorship, LLC, corporations etc.
  • Check name availability: Search online with Secretary of State to make sure the name you choose isn’t already in use by another business.
  • Gather documents needed to file: Depending on your state and the type of organization you choose, you may need additional forms or documents.
  • Research specific state requirements: Each state has its own requirements and fees for filing certificates. Online resources can help explain these requirements.
  • File Certificate: Once prepared, submit the required paperwork along with filing fees to the proper office or website.

4. Draft Your Game Truck LLC Operating Agreement.

Creating an operating agreement for a game truck business is essential for ensuring the success and prosperity of the venture. By clearly laying out expectations, regulations, responsibilities, and dispute resolution protocols, the agreement can help prevent misunderstandings and miscommunication between the business's owners. Establishing a comprehensive agreement can take considerable time and thought but will be worth it in the long run. Here are some key considerations to include in your game truck business operating agreement:

  • Vesting of Ownership Interests: A description of how ownership interests are held, vested, and transferred in the event of a sale or dissolution.
  • Funding: Outlinining of how funds will be allocated and allocated among partners as well as any regulations for external financing.
  • Profit/Loss Allocation: Description of how profits/losses from operations will be allocated among partners.
  • Management Rights & Responsibilities: Explains each partner's rights and responsibilities related to management of the business.
  • Operational Rights & Responsibilities: Describes each partner's contributions during regular operation of the game truck business.
  • Exit Strategies:

5. Grab Your Game Truck LLC EIN.

In order to obtain an Employer Identification Number (EIN) for your game truck business, you’ll need to apply for the number from the United States Internal Revenue Service. An EIN is a unique nine-digit identifier that is used to identify and track tax information for businesses. As a business owner, having an EIN is essential when filing taxes, as well as conducting many other aspects of business operations. Here's how to get started:

  • Visit the IRS website and select "Apply for an EIN" under the Business tab.
  • Fill out the online application form and submit
  • Receive your EIN immediately after submitting your application and pay any applicable fees.
  • Keep a written record of your EIN in a safe place with other important documents related to your game truck business.

Frequently Asked Questions:

Is it Legally Required to have an LLC for Your game truck Business?

Generally speaking, it is not legally required to have an LLC for your game truck business, however, having one can be beneficial. An LLC offers personal liability protection for its members, meaning that if your business is ever sued by someone, your personal assets (e.g. bank accounts and investments) are protected as they are not considered part of the company's assets. This gives business owners peace of mind and greater flexibility when it comes to managing their business. Another benefit of having an LLC is that it allows you to take advantage of various tax benefits associated with LLCs. Owners of LLCs are allowed to pay themselves a salary, operating expenses, and other costs related to running the game truck business. Additionally, with certain tax considerations in place, LLCs may be able to reduce their overall tax burden each year. Overall, while it is not required to form an LLC for a game truck business, the aforementioned protections and benefits may make setting up an LLC more appealing than operating as a sole proprietorship or partnership. Additionally, forming an LLC may help ensure potential customers know that you are taking your business seriously and have taken the steps necessary to protect it for the long term.

What are the Tax Benefits for Having an LLC for Your game truck Business?

Operating a game truck business through an LLC can offer several tax benefits to its owners. An LLC is a type of legal business entity that comes with more protections than a sole proprietorship, but less paperwork than a corporation. Operating under an LLC allows the business owners to enjoy certain advantages when filing taxes, as the business is treated as a separate legal entity.

  • Members of an LLC are not considered employees of the company and receive profits and losses through their personal tax returns, so they do not have to pay individual taxes on income.
  • LLCs have the benefit of pass-through taxation, so income taxes are paid only once at the individual level.
  • LLCs are not subject to double taxation since members pay only once on their share of business profits.
  • LLC can take advantage of certain deductions and credits available to businesses such as employee benefits, health insurance premiums and expenses related to business operations.
  • LLCs can also access more tax reliefs such as depreciation allowances and capital allowances that can provide tax savings for game truck owners.

What Does it Cost to Form an LLC For Your game truck Business?

Generally speaking, it is not legally required to have an LLC for your game truck business, however, having one can be beneficial. An LLC offers personal liability protection for its members, meaning that if your business is ever sued by someone, your personal assets (e.g. bank accounts and investments) are protected as they are not considered part of the company's assets. This gives business owners peace of mind and greater flexibility when it comes to managing their business. Another benefit of having an LLC is that it allows you to take advantage of various tax benefits associated with LLCs. Owners of LLCs are allowed to pay themselves a salary, operating expenses, and other costs related to running the game truck business. Additionally, with certain tax considerations in place, LLCs may be able to reduce their overall tax burden each year. Overall, while it is not required to form an LLC for a game truck business, the aforementioned protections and benefits may make setting up an LLC more appealing than operating as a sole proprietorship or partnership. Additionally, forming an LLC may help ensure potential customers know that you are taking your business seriously and have taken the steps necessary to protect it for the long term.

What Liability Risks do game truck Businesses Face?

Game truck businesses face a variety of potential liability risks, including but not limited to: property damage, bodily injury or death, copyright or trademark infringement, pricing disputes, and inadequate insurance coverage. Additionally, businesses may be exposed to risk from providing inadequate training or supervision to their staff and/or customers. Liability risks can also arise from the use of defective game equipment or the sale of faulty merchandise. Business owners should consider carrying sufficient liability insurance to protect against any potential legal action taken against their business.
Subscribe to our newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
This post is for information only. You are responsible for reviewing and using this information appropriately. This content doesn’t contain and isn’t meant to provide legal, tax, or business advice. Requirements are updated frequently and you should make sure to do your own research and reach out to professional legal, tax and business advisers, as needed. We’re reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Additional Resources for Starting an Game TruckBusiness:

Starting a game truck business can be a daunting task. Between finding the right vehicle and getting the necessary licenses, there are a lot of things to consider. Thankfully, there are various resources available to help budding entrepreneurs get started on the right foot. Below are a few of the top resources for starting a game truck business.

  • Small Business Administration: The Small Business Administration offers assistance in both planning and managing your game truck business. Through free counseling, advice, and an array of business planning tools, they can be a great resource at any stage of your plan.
  • Game Truck Association: The Game Truck Association is an organization that focuses on the promotion and growth of the game truck industry. They have numerous resources such as networking opportunities, industry news, research & development initiatives, and other informational materials to get you up to speed on your game truck business.
  • Game Truck Owners Forums: Aspiring game truck owners can take advantage of online forums such as GameTruckOwners.com. Here they can access experienced owners discussing their insights into topics such as vehicle locations, marketing strategies, supplies & accessories, customer service tips and more.
  • Business Aggregators: Business listing aggregators such as Yelp can be useful for getting information about competitors in the area including pricing models, customer satisfaction ratings and more important details to help you develop your own strategy.
More Content

Other LLCs Your Can Start:

Below are some more business ideas you can explore as options.
image of setting up llc for Yoga Studio
LLC
8 min read

Yoga Studio

5 steps to learn how to set up an LLC for your yoga studio business. Protect yourself with the right corporate structure and take your business to the next level.
Read post
image of setting up llc for Vending Machine
LLC
8 min read

Vending Machine

Learn how to start and operate your vending machine business in 5 easy steps. Setup an LLC, get a tax ID and register your business today!
Read post
image of setting up llc for Trucking
LLC
8 min read

Trucking

Learn the 5 easy steps to set up an LLC for your trucking business, and start protecting your assets and minimizing tax liability.
Read post
image of setting up llc for Window Washing
LLC
8 min read

Window Washing

Follow these 5 steps to set up an LLC & start your own window washing business: form a plan, choose a name, appoint members, file paperwork & obtain permits.
Read post
image of setting up llc for Window Tinting
LLC
8 min read

Window Tinting

Learn how to form an LLC and get started on your window tinting business in just five easy steps. Get ready for success!
Read post
image of setting up llc for Vape Shop
LLC
8 min read

Vape Shop

Learn how to register your vape shop business as an LLC in 5 easy steps. Get the info you need to set up and structure your business for success.
Read post

Nick

Founder and CEO

I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.