Becoming an Owner Operator - The steps, forms and info

Discussion in 'Ask An Owner Operator' started by Lilbit, Sep 1, 2010.

Thread Status:
Not open for further replies.
  1. Lilbit

    Lilbit Road Train Member

    16,587
    12,210
    Aug 4, 2008
    Let me check my logbook
    0
    This thread is to provide information on the process of becoming an Owner Operator and links to the necessary information.

    This thread will be kept locked to keep it as a source of information.

    If anyone has information they would like to see added or that would be helpful, please PM the information to me to have it added. I welcome helpful information from members, especially on the individual states!

    The order of the steps and the expenses to consider were based on my hubby and I getting him into his own truck.
     
    Last edited: Sep 2, 2010
  2. Lilbit

    Lilbit Road Train Member

    16,587
    12,210
    Aug 4, 2008
    Let me check my logbook
    0
    The practical steps for the planning stage

    1. Decide on the legal entity for you company – sole proprietorship, LLC, etc, then set up according to your state’s requirements.
    2. Start writing your business plan - even if you are not going for financing, a business plan helps you firm up your thoughts and plans and gives you a guide to follow.
    3. Obtain federal and state tax ID #’s
    4. Set up any phone or fax lines needed if needed
    5. Open a business bank account
    6. Purchase/obtain business cards, forms, etc that you will need
    7. Purchase truck and trailer
    8. Purchase insurance, set up Process Agent
    9. Pay Heavy Highway Use Tax
    10. Obtain Operating Authority and Fed DOT number
    11. State IRP, IFTA, Operating Authority, UCR, etc
     
    Last edited: Sep 1, 2010
  3. Lilbit

    Lilbit Road Train Member

    16,587
    12,210
    Aug 4, 2008
    Let me check my logbook
    0
    Costs to calculate into your plans. Some of these may not apply in your case.

    Truck
    Trailer
    Federal Operating Authority
    State Operating Authority
    Insurance - liability, load, bobtail, business
    Vehicle Registration
    Trailer Registration
    UCRA
    Heavy Highway Use Tax
    Incorporation costs
    IFTA
    Fuel
    Maintenance & Repairs
    Annual Vehicle inspections
    Permits
    Tolls
    Fed Med exam & drug testing
    Accountant
    Tools
    Computer, printer, scanner, software
    WI-FI
    Personal, Business, and Self-employment taxes
    Load Board Subscriptions
     
    Last edited: Sep 2, 2010
  4. Lilbit

    Lilbit Road Train Member

    16,587
    12,210
    Aug 4, 2008
    Let me check my logbook
    0
    Links to forms and info at FMCSA's website

    ETA Book - covers safety info and includes forms. A 'short' version of the regulations. Forms include all forms needed for a driver file, vehicle maintenence, accident records, etc. There is a downloadable pdf link on this page so you can download the entire book.

    FMCSA Steps to complete - FMCSA's steps to obtaining your operating authority. This refers to over the long term, not the basic process of getting the authority so that you can operate.

    Safety & Security page - Links to information on safety including drug & alcohol testing, load securement, and other useful links.

    Registration & Licensing page - Links to information on licensing and registration.

    Required Registration forms - a breakdown of the forms needed and when the are needed.

    Online Registration page - starting point for obtaining your Operating Authority and DOT # online.

    Downloadable Registration forms - links to pdf files of the downloadable registration forms. You must have Acrobat Reader to access these files.
     
    Last edited: Sep 1, 2010
  5. Lilbit

    Lilbit Road Train Member

    16,587
    12,210
    Aug 4, 2008
    Let me check my logbook
    0
    The Compliance Review

    The link above is a FAQ page that provides information on the New Entrant Compliance Review.

    This is a topic that comes up a lot lately. The compliance review will include but is not limited to: Driver qualifications, driver duty status, vehicle maintenence, and drug and alcohol testing requirements.

    They are looking at your record keeping and office practices to put it is easy terms. The state of Wisconsin has a helpful booklet that they send out (can also be obtained online) to give O/O's an understanding of what they will be looking at. With the forms in the ETA book above, and checking out the drug and alcohol testing information at FMCSA, you will be able to make it through this review.
     
  6. Lilbit

    Lilbit Road Train Member

    16,587
    12,210
    Aug 4, 2008
    Let me check my logbook
    0
    Heavy Highway Use Tax

    Her are the links to the Form and Instructions for the Heavy Highway Use tax.

    Also, the page to get your Federal Employer ID number. Needed for any form of business other than self-employed with no employees.
     
  7. Lilbit

    Lilbit Road Train Member

    16,587
    12,210
    Aug 4, 2008
    Let me check my logbook
    0
    G/MAN posted this in another thread, and I decided to copy it into here! More helpful info!

     
  8. Lilbit

    Lilbit Road Train Member

    16,587
    12,210
    Aug 4, 2008
    Let me check my logbook
    0
    Link to another really useful post by G/MAN!
     
  9. Lilbit

    Lilbit Road Train Member

    16,587
    12,210
    Aug 4, 2008
    Let me check my logbook
    0
    Here's another useful thread from this post on! Some very useful and helpful info from this guy!
     
    SheepDog and 1958Pete Thank this.
  • Thread Status:
    Not open for further replies.