Help and advice on getting out of the business

You don't I guess. Never checked into it. There canceled,inactive,revoked (which you don't want just based on the word) and there's another but can't remember but you can check with your insurance. They can probably tell you. I just never paid any attention, looked the other day and it says inactive. Good enough for me.

 

Call the Fmsca and ask for the form. Fill it out and select OUT OF BUSINESS on the form and mail it back CERTIFIED to the FMSCA address. You will need a second form MCS-150 you need to fill out and fax to the DOT. Within one day of receiving of both forms the FMSCA will put your authority on VOLUNTARY REVOCATION. DO THIS FIRST BEFORE you cancel your insurance. If you miss an insurance payment the FMSCA will still give you 30 days to renew your insurance. Make sure to request and send in those 2 forms before your insurance expires. If your insurance expires first than you will be in big trouble if you didn't request a voluntary revocation with the FMSCA. VOLUNTARY is the good one. INVOLUNTARY REVOCATION is what will get you in trouble. Just simply stop paying the insurance after that and the insurance company will bill you for the last 2 months.

 

Your authority has to get revoked first before it goes inactive. Voluntary is when you request it yourself. Involuntary is when the FMSCA revokes it due to noncompliance,such as not having insurance on file. That can rake in a hefty fine.
That is why it is important to voluntarily request revocation first before the insurance expires or cancels.

 

As far as the equipment goes you can put it up for auction if you are really desperate to get rid of it and can't find a decent buyer. It will sell cheap at an auction depending on what condition it is in but it would be guaranteed to sell.

 

They don't if there isn't a cause or other violations pending, they can't keep up with those who are active.

Know several who have voluntary revocation on their numbers & it is $80 to reinstate if ever needed. The other info is correct about turning in plates to the issuing state, cancel IFTA on the quarterly return. Insurance varies among the carrier or if it is through a lending company.

 

You can file for involuntary revocation online:

https://li-public.fmcsa.dot.gov/LIVIEW/PKG_REGISTRATION.prc_option

 

A revocation (voluntary or involuntary) may or may not trigger an IFTA audit. Not a safety audit. Individual states are wising up to "chameleon carriers" who run up an IFTA tab, close their doors and re-open as another entity.

 

There are no books, that I am aware of for closing down a business. I did it once, sold the truck and trailer and closed my business checking account. That was it. If you have your own Authority, you may consider sending a letter to the DOT to suspend or deacivate that authority, also and permiting, accounting, etc, businesses you may have been using.