So you want to "own " your own company

Back in the 70's that was possible. In todays world lenders and clients both look at your financial records, the planning, goals and time spent creating your business. Those things that you have planned are more important to them in some cases than they are to anyone else. Why would they give anyone a multi million dollar contract that doesn't have the foresight to make a sound business plan, that covers the normal and emergency situations of the business world. Trucking is a slim margin profit business and it's a very cut throat business now compared to the 70's when trucking was regulated and about the only way to obtain your authority was to purchase the rights of an existing company.

I stand by what I stated as it's good planning in todays business world that makes a company successful. Ask any of the Fortune 100 companies what makes a business successful and they will back me up 100% as will most of the successful truckers on this board. Planning and foresight is everything.

 

If you lease you do not have to have your own MC number or insurance as the law is that if you are leased to a company you have to run under their authority and insurance. However you will have to have coverage to repair cover any equipment that is financed.

 

I'd like to know what you mean when you say out of service.
If the truck wasn't used at all or less than 5,000 miles before June 1 it's considered a suspended vehicle by the IRS only if you have filed the correct forms with the IRS and there will be no taxes owed providing that it was suspended before to June 1 which falls under the previous tax year.

The person that you bought the truck from is responsible for any taxes that were incurred during the period of time that they owned the truck. It's up to you to get a copy of the paid 2290.

If you buy a used truck, the prior owner may have paid the tax on the vehicle. Be sure to ask the prior owner for a copy of her or his Schedule 1 to prove the tax was paid.
If the truck was first used during the tax period while still registered in the name of the prior owner, the prior owner is liable for the tax only for the months the vehicle was used by the prior owner. ​

You are liable for the tax for the remaining months of the tax period if you use the vehicle any public roads.
You have to file Form 2290 and pay the tax by the last day of the month after the month you last used the truck.
Go here for more information on suspended vehicles http://www.irs.gov/pub/irs-pdf/i2290.pdf

 

You are correct in saying that they should NEVER allow the company to purchase any plates for their truck.
Bottom line is when you cancel the lease then you are stuck with no plates and could be forced into buying plates in a state that isn't from your home state just to get home or to another company. In fact purchasing plates in another state can cost you more than what you'd pay in your state. Alabama for example runs around $1500.00. I also recommend that you carry your own bobtail insurance policy for the same reason, you leave the company and legally you have NO coverage to take the truck anywhere. If you have a good working relationship with your insurance agent this can be something that can be written in one day sometimes depending of course on the time of day etc. It's best to have it in place at the first sign that you may be leaving a company. There is nothing worse than owning a truck that you can't move because of no plates. The first year that you buy your own plates you'll do an estimated mileage report which will be your cheapest year. Every year after wards the price of the plates will be based on the mileage records that YOU keep. I'd never depend on any one else to keep up with my miles because bottom line you will pay for them one way or another. Some companies do a fleet average on the reported mileage, not the actual miles each truck does. I don't agree with that and question the legality of that practice. It does make it simpler when you are purchasing a dozen or more plates but it's not far to the ones that don't run the high mileage. Any instructions to the settlement and or bookkeeping department should be in writing and I recommend keeping a copy and sending it by USPS return receipt requested so you have proof that they received the instructions. If you hand deliver it then have them sign a statement that they have received the instructions, otherwise they can say they never got them and you are stuck as they have control over the money at that point.

Something else you should know is that when you are leased to a company or pull a load for a broker or are a driver that gets paid on a percentage, you have a legal right to see what they billed the customer for the load! You have to request to see the actual billing invoice and make the request during normal business hours. They won't like it but maintain your professionalism and don't give up. If they refuse contact the FMCSA, and or the regulatory agency in your state and have them assist you. If you find that they didn't pay you the agreed upon amount of the rate then they have to pay you for the difference and if you find that on one load you can almost bet they did it on others and it would be a prudent idea to go over all the loads that you have been paid for to make sure you were actually paid correctly. Just remember that once you do this they will probably cancel your lease or fire you so be sure that you have legitimate grounds for asking and it's not spurred on by anger.