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If you’re planning on getting your trucking authority, the first step is to register your business. From there, Federal Carrier can help take care of the rest, and do everything from get your Driver Qualification files set up to registering under the Unified Carrier Registration (UCR).
If you haven’t registered yourself as a business yet, our consultants can help you get what you need to start your trucking company.
Thinking of starting a trucking or freight business? It’s never easy getting a business started in any industry. However, a lack of transparency means that many people are sometimes confused in terms of starting a trucking company.
Running your own company can be very time consuming and complicated at times which frustrating. However, the benefits from operating as an independent operator far exceed and outweigh any potential hurdles that someone might go through, which is exactly why more and more people are minimizing their risk and venturing into that unknown territory and finding companies like Federal Carrier to assist them with all of their legal filings and compliance requirements.
Two of the biggest reasons businesses choose to spend time and invest in the creation of a business entity for their trucking company with the state are:
The biggest advantage of setting up a business entity is that it’s entirely separate from your personal assets. If you’re considered a sole-proprietorship, your car, house, and even your truck will be part of the business. If your business goes under, the potential to lose these assets increases.
If you set it up separately as a business entity, the equipment and property you use for your business are considered separate from your personal assets. This distinction is made even more clear if you have a business phone number separate from a personal phone number, a business credit card and a personal credit card, etc.
If your company gets in trouble, you are at a much lower risk of losing your personal property that aren’t marked for business use if you register a business entity.
If you’re planning on starting a trucking business as an independent owner-operator or by running your own fleet, you need to have the right foundation in place. There are four main types of business structures and choosing one can help or hurt your business:
LLCs are similar to corporations, however this business structure doesn’t have to follow as many rules as a corporation does. A corporation is required to issue stock to the owners which can be transferred. In comparison, LLCs are owned by members and stocks don’t have to be passed around.
Some other key differences is that corporations are required to:
Both types of businesses have protections of your personal assets if your business gets into any trouble with the law.
Corporations are often better for larger companies, so it just depends on how you’d like your business to scale. If you’re getting close to having above 15 to 20 trucks in your fleet, you should consider becoming a corporation, as it makes it much easier to invest back into your business.
Every situation is different, so you should work with a professional to help run the business side of your trucking company.
Let Federal Carrier help you with setting up your trucking company. Our goal is to simplify the complex world of creating a trucking business and navigating DOT compliance to make it easy and less time consuming for the owner-operator. Driving shouldn’t be something you fear, it should be something you enjoy and look forward to. Federal Carrier makes driving simple, by simply letting us worry about the paperwork so that you can enjoy the drive again.
If you have any questions about our processes, DOT regulations, or if you’re merely ready to get compliant, please don’t hesitate to contact us. Our team is always ready to walk you through the compliance process so that you can have a successful business and avoid getting shut down.
Federal Carrier won’t ONLY register your required compliance requirements, but we’ll also stay by your side throughout the entire process. Start getting compliant today!
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