Advice on Selling my 2018 Freightliner box truck.

Been incorporated since 1996. Authority since 04.

 

New member. I've been looking for some information like this for weeks. Saw this, so signed up to reply. I am trying to purchase a corporation (1 truck in an incorporated business structure). I thought I could just buy majority shares and submit contact information change to fmcsa and insurance, etc. I have talked to the fmcsa on several occasions and they swear up and down that if a company changes ownership, a new DOT is required. They say the MC number can be transferred, but a new DOT is required. I tried to explain that this is a corporation and that the DOT should stay attached to that entity per their website (and common sense). They said it doesn't work that way. Of course, a transfer comes with down time and the business has contracts. I figured trucking companies sell all the time and continue to run uninterrupted. Even the supervisor I got to said new DOT number. I told them something is missing here. So, I called several of the documentation companies like Foley, etc. One said new DOT. One said if you get the EIN as well you can keep everything. One said no problem to keep everything. I can't find a lawyer well versed in the matter. Hard to spend a bunch of loot on something that could blow up in your face. Honestly, I don't see how the fmcsa would know if you just file an MSC-150 with updated contact info. I'm not willing to take a chance without knowing for sure. I'm not trying to do anything wrong. I have read everything online on the fmcsa website and it mentions a lot about different scenarios, but never really answers the question. Bottom line for me is that a carrier with contracts and a good business going is only worth assets if it can't be sold without downtime. As I have said to everyone I talked to, something don't add up. I was excited about the new venture and now I'm bummed. Any thoughts?

 

You misunderstood something or didn't talk to the FMCSA. You should pay a transportation lawyer to handle it for you.

 

Thanks for the reply. I definitely talked to the FMCSA. On several occasions. I feel like they misunderstood. Is a transportation lawyer what I need. I called several I found online that listed DOT information on their profile, but they all only handled violations and such. Thanks again!

 

I not sure why some people here don’t want to understand you cannot sell or transfer a dot number personally I think it’s some who are trying to scam people .Dot numbers are assigned to one person or entity for life if that makes you feel better.They do that for a very specific reason.Some here will tell you that you can, and even lie and say they did it but nobody even the ones who say they have will never answer what fmcsa form you file to do it.Again you can’t sell or transfer a dot number

 

Yes. Hire one that handles matters like this. The guy that bought mine used a firm to handle the transfer, contract and compliance aspects. Ask around and you will find one. Call Seaton and Husk. If they can't handle it then ask for a referral. Ignore the poster above. He's 100 percent clueless.

 

So if you buy an entity that has a DOT number attached to it for life, then, the DOT doesn't stay attached to the entity for life? A corporation is an entity. Nothing changes but the share holder. If I bought 51% of the shares at a large trucking corporation, the corporation will have to shut down down while FMCSA transfers the MC number to a brand new DOT number. That can't be true. I'm not talking about an O/O. It's a corporate entity that remains the same. I don't personally know and that's why I have spent a lot of time researching. As I said before, something is missing. A corporate company should be able to continue operating with no down time when share holders change.

 

Thanks Lamoverit. I will make some calls. I will post any info I gather.

 

I have no idea what you’re talking about.if you own 51% of a company you own 51% who owns the other 49%.What are you talking about? Go buy an already issued dot number and tell everyone what form the fmcsa gives you to transfer it.There isn’t one

 

Now I understand. You must be an owner operator. Based on your post, you don't know about corporations, etc. I don't mean that in a bad way. Most people don't. A corporation is a business structure much like an LLC. In any corporation, there are stock shares. These can be bought and sold. If you own 51%, you basically control or have a controlling interest in the company and can make business decisions on your own, even with another person owning 49%. The corporation is it's own entity and generally, business is unaffected by changes in ownership unless the new owners make specific changes. Typically, when a corporation changes hands, everything changes hands as the only real thing that changes is share holders. Just different investors. If you start a corporation on your own, you own 100% of the shares. You can sell any portion if you want. So, I would expect that if I buy a controlling interest in a trucking corporation that nothing has to change at FMCSA. Maybe the contact information if that will change. Just wanted to clarify.