So you want to "own " your own company

Me and my father are a team currently leased out to another company. Would it be possible if I got my freight brokers license, filed for my own authority, and found loads on load boards to make more money?

 

Anything's possible. Don't need any freight broker license to get your own Authority and use load boards though.

 

You don't?!? I thought to have your own "company" you'd need your own authority. And to find loads on load boards you need your freight broker license? Please explain, you caught me off guard..

 

If you broker loads, meaning act as a broker, you need it.
For an owner operator, just have your Authority, insurance and everything else required and go for it. You can get loads off load boards and join as many boards as you wish. The brokers that post the loads on those boards are the ones that need the license and bond.

 

Hmm, makes sense..I thought I would need brokers license to book the loads. Thanks, just saved me a bunch of paperwork, time, and money!

 

You don't need broker authority to book loads unless you are booking them to a carrier. If you book loads to go on your own trucks then you don't need broker authority. You need motor carrier authority to book and haul freight on your own trucks.

 

Quick question for you guys that know what the hell is going on in this business (i defiantly do not - you will not find a bigger noob then me lol)

MC - so it's $300 per authority.
Is it $300 per truck? $300 per company don't matter how many trucks? $300 per year??

 

$300 one time, no matter how many trucks or for how long.

 

You only need one authority unless you plan on setting up more than one company. You will need $750,000 in auto liability before motor carrier authority will be granted. It is my understanding that cargo insurance is no longer required by the feds to get authority. However, you will need $1 million in liability and $100,000 cargo if you want to do busienss with most brokers or shippers. You also don't need to own any trucks to get authority. There is no limit on the number of trucks that you can run under your authority, whether you lease on owner operators or run your own trucks. The $300 filing fee is a one time charge. There has been some discussion to have an annual fee, but at this time you only pay the fee once.

 

Greetings Everyone, I have been reading all these posts and they are very informative. However, I don't want to run around and get all paperwork done myself. Does anyone know an atterney that specializes in doing everything? Thank you in advance and best regards...