So you want to "own " your own company

Discussion in 'Ask An Owner Operator' started by NightWind, Nov 16, 2006.

  1. Dr Demented

    Dr Demented Light Load Member

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    Feb 25, 2007
    Delphi, IN
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    I'm sending you a PM
     
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  3. RonPaul2012

    RonPaul2012 Medium Load Member

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    Jul 21, 2011
    California
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    Can anyone with experience help out, is it possible to lease on with a company, if my name is not on the title?
     
  4. G/MAN

    G/MAN Road Train Member

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    The short answer is "yes." The title holder will need to sign a form that gives the carrier permission to pay you rather than them. They may also be required to sign additional documents that gives you permission to use the truck and lease to the carrier.
     
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  5. Davidlee

    Davidlee Medium Load Member

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    Aug 31, 2012
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    You will need a signed power of attorney which you can download from the internet.
     
  6. GrowEnergyTransport

    GrowEnergyTransport Bobtail Member

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    Jul 19, 2013
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    As G/Man mentioned, yes you can. You can also do it in the form of a good lease that you and the title owner sign. Most companies wont take a paragraph long lease seriously, but a good one that lays out all the details (length, rate, etc) should suffice.
     
    RonPaul2012 Thanks this.
  7. GrowEnergyTransport

    GrowEnergyTransport Bobtail Member

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    Jul 19, 2013
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    Good post, anyone thinking it is "Big, easy money" is entirely wrong. The money can be big, but it is definitely not easy.

    A lot of the bigger companies don't pay much of anything any more when you sign on with them because the rates have gotten so competitive. Just shop around, and don't be afraid to ask for references of other O/O's that are pulling for the company you are interested in. If they wont share at least some of that info, then big red flag. Don't ever think you don't have the right to be as strict with these companies as they are with you, it's a business relationship you're starting with them, it's not easy to pull out once you start so do your research. There are a lot of happy marriages (O/O and Company) out there though so don't settle into something that isn't worth your time and effort. Good luck to all of yall!
     
  8. Kuzyk

    Kuzyk Bobtail Member

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    Jul 6, 2013
    Roselle Park, NJ
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    Oh , WOW ! Such a great post! A lot of helpful info.I hope I can get some suggestions regarding my situation.
    I work as a dispatcher( located in New Jersey). Loading trucks ,usually my lane is New Jersey- Michigan, Georgia and nearby states. Loading 53 dry vans.
    Month ago I opened my own Corporation and now i'm up to lease/buy a truck. Here are few problems:
    1) Company is SUPER new to lease a truck
    2) I don't have a CDL ( was planning to hire a driver)
    3) In my personal savings account ,I have just 20K ( not sure if it's enough to start own trucking business).
    Now instead of leasing I consider buying a used truck ( nobody want to sell a new one to company which is one month old).
    Based on this info, maybe anyone can give me any advice, maybe there are any other options to get started, which I don't know? ( Maybe someone knows the companies that would sell a new truck ). I contacted Freightliner's dealer they offer used truck.
    Will be thankful for any suggestions!
     
  9. Rich_Trucking

    Rich_Trucking Light Load Member

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    Dec 11, 2012
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    Hi everybody,

    is it possible to get your own authority without a class A license?

    And hire drivers.. To drive your truck?

    how will this affect insurance etc?
     
  10. klkruger

    klkruger Light Load Member

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    Jul 20, 2013
    Las Vegas
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    You could get your authority. It would be next to impossible to get insurance. If you bought several trucks it would be more possible - you'd then have a little clout in terms of insurance - but it would be pricey. Over time, were you to get covered, you'd likely see your rates drop, or at least stabilize, as long as your drivers/trucks stayed safe and sound.
     
  11. GrowEnergyTransport

    GrowEnergyTransport Bobtail Member

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    Jul 19, 2013
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    Yes, very possible. Insurance depends on drivers background, what they're hauling, and how much coverage you want/need. If you're just getting Bobtail, comp, and collision for 2 million dollars then you'll pay about 150-250 a month. If you're getting cargo coverage and workmans comp then it raises significantly. Good luck!
     
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