Valid MC # for sale???

Three hundred dollars at FMCSA

 

Is it even legal to sell an MC I have one I used for a year but I am skeptical about selling it. I don't want any company running my business name down.

 

I have a 7 year old one....5 grand.Yes you can sell them...I have a shell company that holds it.

Be Safe Out There

Captain Dave

 

Buying someone else's numbers. It's just buying somebody else's reputation whether it's good or bad. You can get a brand new squeaky clean MC numbers from FMCSA for $300

 

It would need to be in a corporations name, and sell the buyer the entire corporation. Most of these buyers are looking for active MC's with insurance already in place.

 

Cool. That means they have to use my business name if I sell the corporation how does that affect taxes?

 

They can apply for a name change...its pretty simply you are buying a LLC. Yes its a taxable event but depending on your expenses it might result in zero gain....

Be Safe Out There

Captain Dave

 

You would be selling your business. Most buyers are going to want all liabilities to be paid in full at the time of sale. Yes the purchase price would be taxable. After the company is in control, they can easily do a name change with the Feds, if they desire.