So you want to "own " your own company

NightWind
Thanks for the confirmation on the info. Something else I think new o/o may not be aware of is in your lease READ IT, READ IT AND DID I SAY READ IT! just because it is a "standard lease" don't just sign it. You can negotiate. If you run % be sure to state who pays shag fees, lumpers,tolls,doc fees. Also if you run say T-check a lot of companies are themselves charging a $10 fee because "we are not a bank". If your using your money for say lumper which can run hundreds of dollars a week and gettin reimbursed. We told them to either not charge the T-check fee(NO DRIVER SHOULD BE CARRYING 2-3 THOUSAND DOLLARS CASH. ITS TWO DANGEROUS) or we charge a fee for the use of OUR money. Of course they didn't like it but we pay no company fee. Also remeber those comdata or T-check fees are tax deductable.
we have a lawyer with pre-paid legal go over our contracts and suggest changes. Some companies don'l like it(wonder why? lol) . It has saved us a lot of stress and money. Remember YOU have to look out for YOUR bussinness.

 

Nightwind,that was an excellent info piece that you put together.everything you say is 100% correct!although to many it seems overwhelming,a good registration service does alot of that for you.you hit the nail on the head about the plates-BUY YOUR OWN!!!!,once someone "pays" for you plates,you lose control of the truck!!!as for cash on hand--15k is the minimum i'd suggest having AFTER all fees,permits and insurance costs are paid.now that your up and running,THEN you can look into business credit(cards,loans).just use it wisely--no lift kits for your new F-150!!!when that truck goes in the shop-WHICH IT WILL,TRUST ME-that reserve will save your tail! thanks for the honest info to all those wanting to give it a try--so many think it is so EASY!!!

 

In two months I have to renew my CDL, I need to practice all DMV tests, do you know any website I can go and practice?
Appreciate your help

In two months I have to renew my CDL, I need to practice all DMV tests, do you know any website I can go and practice?
Appreciate your help

In two months I have to renew my CDL, I need to practice all DMV tests, do you know any website I can go and practice?
Appreciate your help

In two months I have to renew my CDL, I need to practice all DMV tests, do you know any website I can go and practice?
Appreciate your help

In two months I have to renew my CDL, I need to practice all DMV tests, do you know any website I can go and practice?
Appreciate your help

 

Hey NightWind, lots of good info here!

I have been driving trucks for the last 15 years, and I am in the process of starting my own freight brokerage. My question is on the BOC-3 filing. If Im operating out of California do I need a process server in Indiana if I broker the load to CA to Indiana? Or just CA as thats where I operate out of? Im a little confused about this. Any help you can offer is much appreciated!

 

Nightwind, I appreciate your vast knowledge of regulatory and business aspects of this industry along with your willingness to help educate people. I have a question to ask you that was posed to me but I couldn't answer.

This person's father and uncle were partners in a trucking company. These two principle owners retired several years back and sold the company to a cousin of the afformentioned person. The cousin has since run the business into the ground. The owner(the cousin) is about to turn the key on the company and file personal bankruptcy.

Now on to the question; This person wants to obtain the icc/mc operating authority and dot numbers for multiple reasons(carry on family name, the icc number is well established and begins with 1#####). The obvious problem is that he doesn't want to buy the company and assume the debts and results of terrible mismanagement by the cousin. So the question is, Can it be done? Can you acquire an existing authority and transfer it to a different owner WITHOUT purchasing the entire company? In case it matters, the company is organized as an LLC.

Unfortuneately, I'm not as eloquent in converting my thoughts to words as you are. I hope you understand the situation that I am laying out and the question asked.

I am quite sure with a little reasearch or a call to some authorities, I could find this answer, but I figured you might know and it might be a good thing to share on this board.

 

1. All of the debts are in the companies name. The mistake that the guy made was he overleveraged the company in an attempt at rapid expansion. He bought a matched set of 10 four year old used trucks with 100% financed. Within three months, three of the trucks were sitting with blown motors, and he lost the new contract that he had gotten that was supposed to keep those 10 trucks busy. So, long story short, with trucks sitting with major motor issues and running CHEAP broker freight in attempt to float along after losing his contract, it was only a matter of time. So along comes the finance company to repo ten trucks and 14 trailers that he had financed with them. When the dust settled after they liquidated all of the equipment, he is staring at a deficit of nearly $250,000. So now he is filing bankruptcy on the LLC(the company) and himself personally(his lawyer advised that that would be the only chance he would have to save his home as the finance company would be able to pierce the vail of the LLC and put a lien on it.).

I know you(Nightwind) didn't need all of this detail. I merely posted it as a "what not to do" for anyone else reading this thread.

Also, the companies credit rating is of little importance as he already has all of the equipment he needs and his personal credit is spotless.

2. He would like to keep the same name as is currently registered to the company as it is a family name that he wants to carry on. I am sure he would consider a minor modification to said company name if need be though.

This is a 40 plus year old, second generation company and they have a spotless safety and compliance history. The owner never did anything shady or immoral in that regard, he just did some very foolhardy things from a business standpoint.

3. Yes, both the income and payroll taxes are current. (At least he didn't make that fatal mistake.lol)

4. Knowing the man I'm acting on behalf of while doing this research, I don't think he wipes his butt without drawing legal documentation demonstrating how it's to be done.

Thanks again for your help and I'm trying to fulfill my obligation to this forum by posting as much detail as I can so other people may learn as well.

 

Thank You very much my friend. That is what I thought, but I was having a hard time finding a clear answer! Thanx for the link also!