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.
Selling your authority and LLC is easy.
Discussion in 'Ask An Owner Operator' started by Mattflat362, Oct 26, 2023.
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They need to know that they are not buying a business with tax debt or any other problems.
Pretty cut and dry stuff.....6 Documents to Request From the Seller When Buying a Business.Last edited: Nov 9, 2023
Rideandrepair and Iamoverit Thank this. -
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.
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Yes you can block it for sure....just the EIN number is required. I was a sole proprietor LLC too...
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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.Big Texas Transport, Ruthless, 2Tap and 2 others Thank this. -
Rideandrepair Thanks this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
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