Purchasing Truck..running under my friends Authority

Do you really think this is a good investment, or will you be okay when your good friend goes belly up and you lose your investment, at best. Will you still be friends? This industry is FULL of complex regulations and laws, and it sounds like your friend is as green as they come. When they shut down your truck in NJ for not paying the annual corporate tax, or in IL for running an intrastate load without authority, are you going to be okay with their ignorance?

 

i see how my post may have been misinterpreted..i didnt mean "lawyer up" so much as consult a lawyer for advice.

 

You need to get help to make sure you are legal. Maybe OOIDA. Easier now that when you are shut down at a scale, trying to get legal, paying fines and having a broker calling every 5 minutes wanting his load delivered.

 

Gotta be extra careful when working with or for friends no matter what industry it is. Friends can get you in trouble. The saying "well, he means well" doesn't really matter when left out in the cold or you need to put food on your family's table. Best of luck.

 

lessee n lessor both have to be on title.... for insurance reasons

 

Really? Can you point to a reg for that? My title has always been in my name only and never had either of the companies I've been leased to listed anywhere on it.

 

You're confusing an equipment lease (long term "renting" a truck) with a carrier leasing the services of a truck owner. This thread is about the latter. Rollin coal is correct.

 

No they don't. In over 30 years the company has never been on my title. The lienholder (finance company) was, but never the company that I leased to.

 

This sounds like the blind leading the blind. Is your friend willing and able to pay you for your loads within 15 days, after submission of proper paperwork, per DOT regs?

 

I found this resource on TR thought this might help you in your endevour on leasing with your friend. I highly advise you to do some research before you get started that way there isnt any surprises and futhermore, you don't mess up a friendship over not knowing. Hope this helps! http://www.thetruckersreport.com/leasing-article/