So U want to own your own truck
To the best of my knowledge the information in this post are factual and it is meant to help those that don’t know, the rest is pure humor and I hope that it’s taken that way.
You might want to join OOIDA. They will be a lot of help for a new business owner. Go here: [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. The membership fee is tax deductible.
First, Make sure you have enough money, actual cash in the bank. NOT credit cards to cover ALL your expenses including the truck/trailer payments, repairs, maintenance, insurance, fuel and all the expenses at home for 3-6 months, including health insurance unless you wife/ husband has a job that you are covered under. If you don’t have this money in place then stop because you are not going to succeed. Note: I highly recommend becoming incorporated to protect your assets in case of an accident insurance has its limits and once that’s gone they look at the owner to pay anything above that. An S corp. or LLC are my choices there. The states of DE or NV are my choices because they have the best laws to protect companies. This cost about $500.00 depending on who does it. I had a firm do ours that is also an attorney; they also act as our agent. You’ll need to print out the form when it prompts you to. This is also where you update your MCS150 each year or anytime you add or change anything during the year.
You will also need to decide if you are going to be interstate or intrastate or both at this time. Interstate means you load in one state and deliver into another state, always crossing state lines. Intrastate means you load and unload strictly in one state and never cross state lines, normally your home state.
You’ll have to have a single state registration. Here in AL it’s about $330.00. This was supposed to be changed to the Unified Carrier Registration on Jan 1, 2007 but has been delayed due to the board being unable to get the rules and regulations ready by then. Check here for updates [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link.
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