Leasing out MC Authority and US/DOT

Holt007 · Oct 3, 2021

I was looking around to see if I can lease out my MC authority and US/DOT for a percentage, and let the owner operator do his own thing. Can I do this and do I need to provide the insurance since it's my company?

Gliding ProStar · Oct 8, 2021

Holt007 said: ↑

I was looking around to see if I can lease out my MC authority and US/DOT for a percentage, and let the owner operator do his own thing. Can I do this and do I need to provide the insurance since it's my company?
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Yes, the insurance is required to be in your name/company name.

Basically, what you would be doing is allowing an Owner Operator to lease on to you.

Holt007 · Oct 8, 2021

Now the big question is how many owner operators would like to do this. I'm giving them the freedom to run their trucks like they want and use the load boards to get their own loads. I've already know of a company that will handle the DOT compliance and get the EDL and use there app for the logs. I have my business accounts set up at my bank so we can charge the companies for the loads and pay the owner operators as soon as payment is made. I know some of these load will take a month to receive payment from the companies that we haul for. So the driver will have to be patient on some of these loads. I will pay for insurance for the truck and trailer the EDL logs and the load boards accounts and handle the payments for the loads, IFTA fuel taxs.

wichris · Oct 8, 2021

Holt007 said: ↑

Now the big question is how many owner operators would like to do this. I'm giving them the freedom to run their trucks like they want and use the load boards to get their own loads. I've already know of a company that will handle the DOT compliance and get the EDL and use there app for the logs. I have my business accounts set up at my bank so we can charge the companies for the loads and pay the owner operators as soon as payment is made. I know some of these load will take a month to receive payment from the companies that we haul for. So the driver will have to be patient on some of these loads. I will pay for insurance for the truck and trailer the EDL logs and the load boards accounts and handle the payments for the loads, IFTA fuel taxs.
Click to expand...

May want to check 376.12 (f)

You have max 15 days to pay the truck, not when you get paid.

Cat sdp · Oct 8, 2021

Unless the parties agree to a longer time frame in the lease agreement…….

wichris · Oct 8, 2021

Cat sdp said: ↑

Unless the parties agree to a longer time frame in the lease agreement…….
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Still not legit, but it's done all the time anyway. Can't understand anyone that's leased on even waiting 15 days.

Clyde ward trucking · Aug 20, 2024

Holt007 said: ↑

Now the big question is how many owner operators would like to do this. I'm giving them the freedom to run their trucks like they want and use the load boards to get their own loads. I've already know of a company that will handle the DOT compliance and get the EDL and use there app for the logs. I have my business accounts set up at my bank so we can charge the companies for the loads and pay the owner operators as soon as payment is made. I know some of these load will take a month to receive payment from the companies that we haul for. So the driver will have to be patient on some of these loads. I will pay for insurance for the truck and trailer the EDL logs and the load boards accounts and handle the payments for the loads, IFTA fuel taxs.
Click to expand...

Hey, is this opportunity still available? Would love to start asap if possible

buzzarddriver · Aug 20, 2024

Clyde ward trucking said: ↑

Hey, is this opportunity still available? Would love to start asap if possible
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The OP hasn't been seen since the two posts in October 2021, so i'd predict NO.

Pepper24 · Aug 20, 2024

Holt007 said: ↑

Now the big question is how many owner operators would like to do this. I'm giving them the freedom to run their trucks like they want and use the load boards to get their own loads. I've already know of a company that will handle the DOT compliance and get the EDL and use there app for the logs. I have my business accounts set up at my bank so we can charge the companies for the loads and pay the owner operators as soon as payment is made. I know some of these load will take a month to receive payment from the companies that we haul for. So the driver will have to be patient on some of these loads. I will pay for insurance for the truck and trailer the EDL logs and the load boards accounts and handle the payments for the loads, IFTA fuel taxs.
Click to expand...

Good luck there are many other trucking companies already doing this but they pay weekly or even after load is completed.did you just wake up after a hundred year nap and think you have a original idea.Why would anyone with any sense lease to a company with no customers.Running strictly of a load board isn’t the best business plan

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