Thanks for the compliment, I know it's hard to figure out these things and I believe that we should all help each other so we can all prosper. My knowledge is not as expansive as you think but I do try!

Yes you can do this without assuming the debts of the company. You would be buying the numbers not the company and it's debts and obligations. There would have to be a contract of sale out lining the terms and conditions.
However there will be credit issues if he lists the company in the bankruptcy filings. If he is only filing personal bankruptcy and doesn't list the company and it's assets (anything in the company's name and owned by the company) in the bankruptcy then there should be no adverse affects on the company or it's financial standing. The company's safety rating will be of some concern as well and I'd look it up here [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. and see if that is satisfactory. I'd also be sure that the company taxes are paid as well and get a copy of the return and any canceled checks that show the fines, taxes, and fees are paid. Make sure that the 2290 is paid along with any other trucking related debts that maybe owed including fines and state fees.
What you can do is have him fill out the application of transfer and submit it to FMCSA along with the proper fees, as long as these guidelines are met [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link.
be in compliance with these regulations [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link.
There are several things that need to be looked at in this case.

1. Are any of the debts in the company's name and are those debts in the bankruptcy filings.
2. Will he be changing the name that is connected to the MS and DOT numbers?
3. Are the taxes paid?
4. Is there going to be a contract for this transfer or are they just going "wing" it and hope for the best?

There are dozens of scenarios that I can think of that are applicable to this situation. Post back with responses to my questions and I'll try to give you a better response.

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!

the same ones who join OIDA are the same one who pay 1099 hire a bunch of drivers to drive there trucks just to make a buck and generallly screw the driver trying to make a buck or get exp. never work for 1099 let the company or driver help defray the taxes

where i messed up working for a 1099 to get exp owing the irs till after i die

Good post Nightwind, just wanted to add that the authority is $300, per type. Common, Contract, and Broker.

Most carriers will fall under Common, but their some who fall in the Contract category, which only requires Liabilty insurance to be on file with the FMCSA. I ran this way for my first 2 years in business, for 1 local shipper that I inherited with truck purchase from family member. Works great, sometimes. But, when things are slow. It's not so hot.

Thanks a million for adding that, see I forgot something which I knew I would.

so all & all is it really worth it to become an o/o? would one expect to make more than a co. driver? If so about how much would a somewhat smart o/o expect to make. also wouldnt you have to put a sizeable amount away for replaceing your tractor every 4 years? and me being single;is that an advantage? I like the idea of being in buss. for myself but i dont want to go bankrupt in doing so. I have a sizeble inheirentance to get started bu i dont want to make the wrong move.

It's going to depend on many things, The main thing is what you hope to accomplish by becoming a driver or owner operator. I noticed that it says you are a student. First finish school, you'll need it either way. Take some courses in business and management if you haven't already, they will be invaluable. Personally having been on all four sides of trucking as a company driver, an owner operator, then a fleet-company owner and broker, I can't say it's worth the additional headaches of becoming an owner operator with the operational cost as high and unstable as they are today. When all the i's are dotted and t's crossed in most cases, you won't make any more money and would be better off investing your inheritance in something that can produce a return that isn't dependent on the price of oil and unstable relations with the countries that produce it. Either way you decide you need to be a driver for a company first and for at least 2 yrs in my humble opinion. Many would disagree with me and that's OK.
Trucking isn't for the faint of heart, nor the ones that want to impress people with tales of their experiences, it's not for those that expect to be home every day, week or in some cases every month. It's not for weak minded or bodied people. Nor is it for those that have no sense of the amount of responsibility that you take on whether as a driver or Owner Operator. It's the only industry I know of that can take everything including your life and freedom. It's an industry that takes everything you have time, money, brains, and nerve. It gives back a sense of accomplishment and some of the most beautiful places on earth and not much more than a bare living in when you calculate the hours that you put into it. Trucking isn't a career change, it's a lifestyle change and not one that everyone can deal with. Once you get into it you never leave it completely as it's an addiction which for me at least has no known cure.

Nightwind. you said, after the i's are dotted and t's are crossed, in most cases you won't make any more money. just hit me with some numerical data if you will like how much a typical month's income is ( i know i tdepends on certain things) and an itemized list of deductions like fuel (worst case scenario) truck payment, insurance, pm's, any extras that are monthly expenditures. reason being is, i read your first post with all the great info, and i started talking to a friend about buying a truck and start building an company. i am actually trying to get him to get his cdl so we can try and double the income.
thanks a million

nightwind