Is there a downside to creating business before getting the truck?

Yes there is advantage. First, you'll want to title the truck in the company's name. In order to do so, you need to have your business set up. Second, you'll want to open a bank account, which you'll need your company in order to do that. Third, you can start setting up trade lines and establish corporate credit.

 

That's the right sequence. I went that way too. A little shorter time, though - 30 days before the purchase.

 

Your authority isn’t granted until you have insurance. Have you looked into insurance yet? Took a few weeks after I bought my truck before my numbers were official.

 

Sounds lke you are working in the right order.
Make sure your business plan is in order.
Get all your documents in order.
I think the OOIDA web site has an outline of this.
Might be a help.

 

I would look into insurance costs for your place before I even pay any fees for opening a company. Sometimes it may be deal breaker. I rushed back in the days and had to close company I opened 2 weeks later and start all over again in different state.

If I had to do it again I wouldn't do anything until I know for sure I'm about getting a truck (a week in prior I would say). As someone mentioned above for the authority to get granted it will take couple weeks after filing the insurance, and most of other paperwork can be done online and instantly nowadays.

 

Some insurance companies watch for things like claiming you reside in a less expensive state. They may want the address of where your truck is kept in your off hours or a copy of your electric or phone bill to confirm you live there.

Insurance is the biggest headache getting started as an O/O, I'm in the same situation as you are right now waiting for insurance quotes. I decided to choose my truck year and model (new) before actually buying it so I could get an insurance quote and I'm not stuck with a truck if the insurance is too expensive to make the business possible. I'm in California, and some insurance companies want as much as $40k a year for start up O/O's.

 

Generally Federal paperwork comes first (EIN, etc)
Then State and local (S corp, Sole prop, LLC, etc)
Then you can go set up a bank account.
Then all the trucking papers IFTA, MC number, etc. Insurance.

Yes, just call the IRS. EIN stays with the organization forever. If you are a sole prop it stays with you forever.