Selling your authority and LLC is easy.

Discussion in 'Ask An Owner Operator' started by Mattflat362, Oct 26, 2023.

  1. Mattflat362

    Mattflat362 Road Train Member

    2,696
    5,723
    Feb 18, 2015
    Avon Lake, Ohio
    0
    The key here is to have maintained PERFECT records and to be 100% available to your buyer. Insurance, IFTA, FMCSA/DOT pin numbers, tax returns all come into play.

    Trust and ethics are crucial too.

    You just have to have everything at hand and then go with the flow and get it all done before the end date that you have set for your insurance which should be 30 days out from the sale.
     
    Rideandrepair and Iamoverit Thank this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Iamoverit

    Iamoverit Road Train Member

    1,611
    3,559
    Oct 31, 2023
    0
    What are the tax returns needed for?
     
    Rideandrepair Thanks this.
  4. Mattflat362

    Mattflat362 Road Train Member

    2,696
    5,723
    Feb 18, 2015
    Avon Lake, Ohio
    0
    Last edited: Nov 9, 2023
    Rideandrepair and Iamoverit Thank this.
  5. Iamoverit

    Iamoverit Road Train Member

    1,611
    3,559
    Oct 31, 2023
    0
    I guess that never even crossed my mind actually. I was more focused on the authority since that's what the true goal is. Buying the business is just a necessary evil so to speak. This brings up a potential issue for me. Since my business is a single owner LLC my social is on my 1040. Not too keen on giving that out. Maybe I can block it out and just leave the EIN.
     
    Rideandrepair and Mattflat362 Thank this.
  6. Mattflat362

    Mattflat362 Road Train Member

    2,696
    5,723
    Feb 18, 2015
    Avon Lake, Ohio
    0
    Yes you can block it for sure....just the EIN number is required. I was a sole proprietor LLC too...
     
    Rideandrepair and Iamoverit Thank this.
  7. Rideandrepair

    Rideandrepair Road Train Member

    17,232
    55,925
    Aug 8, 2015
    0
     
  8. Rideandrepair

    Rideandrepair Road Train Member

    17,232
    55,925
    Aug 8, 2015
    0
    My lips are sealed.Selling mine next week.
     
    Iamoverit and Mattflat362 Thank this.
  9. Rideandrepair

    Rideandrepair Road Train Member

    17,232
    55,925
    Aug 8, 2015
    0
    Selling mine to a neighbor at the yard. Same price as yours. Rather see him get it than some stranger. 19 years, 2057 Loads. Never a claim. He’s excited. Knows all the risks. Hope it works out for him. Keeping the Truck for now. Just in case I get the bug. I can run under his new Authority. Safety rating can’t get any better than this.
     

    Attached Files:

    2Tap, Cat sdp, Iamoverit and 1 other person Thank this.
  10. Mattflat362

    Mattflat362 Road Train Member

    2,696
    5,723
    Feb 18, 2015
    Avon Lake, Ohio
    0
    Wow man!! 19 years is impressive as heck!! Happy ending!

    I have to tell the story of my truck here. It was such a cool ending.

    So 10 years ago when I brought my truck home from the West coast it was pretty mint. Low mileage 88 Pete 362 with some sun fade. I replaced all of the apitong decking and pretty much went straight to work with it. Being the type of person I am when it comes to equipment I continued to just make it more and more perfect every day. Anything it ever needed and everything I ever wanted.

    Now at this time a young man in Uhrichsville, Ohio was 10 years old. He was on his way to becoming a grain farmer. I did not know he existed. Fast forward 10 years and my now MINT Pete goes on FB marketplace. This now 20 year old farmer needs a better truck as his 1972 Ford single axle can't really handle the 13t that he takes to market each year.

    He sees my rig and heads right up too see it. I was super impressed with this "kid" and he was just as impressed with my truck.

    My Pete will live the next 30 years++ on a farm in a barn working one month per year and helping to put food on my table and the tables of many.
     
  11. Iamoverit

    Iamoverit Road Train Member

    1,611
    3,559
    Oct 31, 2023
    0
    You guys are killing me with the price! I don't want to get lowballed when I sell mine. Maybe someone could share with me privately?
     
    Rideandrepair Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.