Corporation & LLC Setup Made Simple

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Why should you incorporate your business?

Professional look

Asset protection

Tax advantages

Ability to transfer ownership

Perpetual life

Types of entities:

C Corporation

S Corporation

LLC (Limited Liability Company)

Difference between a Corporation and LLC

The first difference is the ownership of the entity. A corporation is owned by its shareholders, and an LLC is owned by its members. The second major difference is how each entity is taxed. An LLC has complete flexibility on how it wants to be taxed whereas a corporation may not. A major disadvantage to the corporate designation is its double taxation implications. A corporation's profit is taxed once , and the dividends its shareholders receive are then taxed again. The third major difference between the two is their legal structure.

Difference between a C Corporation & an S Corporation

C Corporations can have an unlimited number of owners, while S Corporations have a limit to the number of owners. Owners of an S Corporation must be US citizens or residents. C Corporations may be owned by an individual or another business, while S Corporations may be owned by individuals only. C Corporations are subject to double taxation, taxed once at corporate level, and a second time after profits are distributed to shareholders. S Corporations are pass-through entities and are only taxed after income is allocated to shareholders. C Corporations provide a little bit more flexibility in terms of possible growth. Both entities have limited liabilities protection.

Incorporate Today

Trucking companies face constant pressure to stay compliant while managing daily operations, often dealing with complex regulations, time-consuming paperwork, and the risk of costly mistakes or penalties.

At Prospect Licensing & Consulting, we solve this problem by not only handling permits, registrations, and authorities, but by protecting our clients’ businesses through proactive compliance, authority management, and risk mitigation—allowing them to operate confidently, securely, and focused on growth.

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Your One-Stop Trucking Solution

Prospect Licensing & Consulting, Inc. is a full-service truck licensing and consulting company helping carriers start, manage, and protect their operations. We provide practical solutions and strategic guidance to keep your business compliant, efficient, and protected.

Our services include:

IRP Registration (New, Renewals, Additions, Transfers, Corrections, 45-day temps)
IFTA Registrations, Renewals & Quarterly Fuel Tax Reporting
Motor Carrier & Broker Authority (MC/DOT) Registrations & Updates
Corporations/LLCs Formation & Reinstatements
Highway Use Taxes (form 2290)
State Permits (KY, NM, NY, OR, CT) Registrations & Filings
Truck/Trailer Title Transfers & Trailer Registrations
Hazmat & Canada permits
IRP, IFTA, DOT Audits, Bookkeeping & Notary Public