Starting a new business!!

Hey guys, I've been lurking around the forum for almost a year now trying to get all the information I can. I'd like to thank everyone for all the great information and help most of you provide! I am starting a new trucking business and would appreciate any suggestions and help you are willing to give!

Here's the deal, my father has been driving semis for over 10 years. I myself manage a mechanic shop for a buddy of mine and have been researching starting a trucking business for about a year now. My father has been driving a truck for a buddy of his that is leased on to a local company.

My plan is to purchase a truck and trailer, get my own authority and have my father drive the truck. From all the information I have found on this forum purchasing a truck and setting up my own authority shouldn't be too hard. I am going to have a CPA that specializes in trucking start my INC for me, I will apply for my authority,IFTA, & all other permits myself because I want to go through the process myself so I know the ins and outs and will save the money paying someone else to do what I should be able to do. I will start with one truck and plan on having one or two more within a year.

Is there anything special I should know about applying for my authority?

what permits, license, etc do I have to pay for or renew annually?
I know IFTA needs to be reported quarterly, is there anything you can tell me to help with filing my IFTA tax?
I plan on using a navigation unit, or gps tracking system to track IFTA information.

what information do you keep on file for your drivers?

I will be dealing with brokers on load boards to get my truck loaded but my main goal will be to go directly to the shippers, what do you guys do for payment? I don't believe in paying a percentage for getting my money quickly! how long do you wait to get paid and how much do they cut from your bill? what do you do when it comes to non-payment?


I am stuck between choosing dry van or reefer, is there any big differences between the two that will help me decide between them?

the truck I have in mind is a 06-07 Freightliner Columbia as it is a truck that won't break the bank to maintain and repair, I will be looking for a truck with a Detroit Diesel in it, I have no idea what to look for transmission wise.

for a business name, do you recommend using the word "trucking" or "logistics"?

I appreciate any one that took the time to read through my post and will be greatly thankful for any help and or suggestions! I will update this thread with any other questions I have as I progress into my journey!

 

Thank you for pointing me in the direction of that thread, I have been reading through it on my spare time and it has a TON of knowledge to learn from!

What does everyone that has hired drivers keep on file for them?

And I'd really like to hear everyones opinions on wether to use the word transportion,trucking, or logistics in my new business name