Permits?

There is an excellent thread at the top of the page.
So you want to "own " your own company

 

i hate to say it, but alittle more info on what he is planing to do would help us give you a guesstimate

if he wants to do his own authority, we have posters here who know what it costs

if he is just gonna lease on to someone, then it will vary......sometimes alot

 

If he's going to lease on, then he and/or you can begin researching companies. All will have their own requirements but many will cover things like base plates, insurance (not bobtail), IFTA reporting and so on. You run under their authority so you don't have to deal with all that either. Pull their trailers.

 

FIRST let me tell you owning your own truck is not all that bad just dont listen to all the gloom and doom you hear out there .

as far as getting your own authority that will cost about 300.00 bucks give or take a few bucks depending on who files for you.

if you lease your truck to a company you usally wont have any out of pocket expense the leasing company takes care of all the permits and insurance and your tag , now there are some that dont id just stay away from them just starting out your going to need the money.

now they dont excatly pay for the permits and insurance you have to pay them back but they take so much out of your settelments.

the rest of your cost depends on what kind of trailer your going to pull BUT you can do it no problem. best of luck.---southernpride

 

If you lease your truck on to a carrier, you only have to have unladen liability(also called bobtail) insurance, and the 2290. If you finance your truck, you'll probably have to get physical damage, which is like the collision/comprehensive on your car. Most carriers will give you the option of buying your insurance though them. That's all you'll have to have with the carriers that provide you with a tag or charge you back for it. Some smaller companies will require you to get your own tag. I don't know how Alabama does it, but I had to get a DOT# to get a Tennessee tag. Getting a DOT# is free. Barring that, you shouldn't need a DOT# or a MC# unless he does decide to get his own authority.

KY, NY, NM, and OR require their own highway use permits. NM, and OR will let you buy permits when you enter the state. KY requires you to have the permit before entering the state, and I think NY is the same way.

I'm leased to a large carrier that provides everything but the 2290 to it's contractors, at a cost. When I read the fine print in the contract, I found out that they charge a service fee for every little thing they do for you, including $300 just for filing IFTA, and $170 for the tag! I have their name and numbers on my door, and I bought their TX and OH intrastate permits. I have my own tag, IFTA, KYU, and bobtail insurance. I feel this gives me a little more freedom in addition to saving me money. If I want to quit, I don't have to worry about how to get the truck home legally. This cost me more up front, but the peace of mind was well worth it.

I would advise you and him to go talk with an accountant or bookkeeper who specializes in trucking, and make sure you both have a clear idea of what your operating costs will be, and how much you need on hand as an emergency fund. A good one will also prepare all the paperwork you need for any license and permitting stuff you decide you want/need. Right now is a great time to buy a truck, the prices are great. It's also a challenging time to keep a truck profitable. Good luck!

 

I should add that the KYU permit itself doesn't cost anything up front, you just have to pay it quarterly. I think NM, OR, and NY are similar or very cheap up front, but I don't know for sure.