Trucking Company Owners Success Guide – Steps, Requirements and Benefits

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Comply With The Business Insurance Requirements in Your State

Business insurance usually costs more than the registration fees and because of the nature of your business; your insurance requirements will cost more than many other businesses.

Source: www.kingprice.co.za

Trucking company owners should obtain and comply with all the business insurance requirements in their state.

You should identify the type of insurance policy that best suits your company’s needs, and carefully review the policies to safeguard your business and equipment.

Commercial vehicles are susceptible to damage and minor accidents, so choosing the right insurance policy will be helpful and save you a lot of headache.

Source: www.eltraileromagazine.com

Comply with All Trucking-Specific Business Licenses, Permits, and Forms

You should know that in addition to the general federal and state requirements, there are tax, license, and permit regulations that apply specifically to the trucking industry.

There are several important requirements that trucking company owners should take in consideration when opening a trucking business.

Of course, it will all depend on the type of trucking business you plan to run, but obtaining the necessary insurance requirements will help you sustain your business.

Source: www.ezinvoicefactoring.com

Meet the Necessary Requirements

Now I can’t tell you what exactly you will need in order to run a successful trucking business in your state, but there are particular laws with regards to owning and operating a trucking business.

Note: Each state has particular trucking laws and rules about interstate or in-state transport of goods too.

Source: www.ezinvoicefactoring.com

These are the Basic Requirements

The following are the basic requirements for starting a trucking business:

  • Motor Carrier Authority Number and Federal DOT number;
  • Filing for BOC-3;
  • Heavy Use Tax Form;
  • International Fuel Tax Agreement IFTA;
  • International Registration Plan.

Hoewer, in addition to these basic operational requirements, trucking company owners need to comply with many other requirements as well.

Source: Youtube

Other Legal Requirements

  • The drivers should obtain a commercial driver’s license (CDL);
  • The vehicles must have a registered gross vehicle weight exceeding 26,000 pounds or 11,797 kilograms for vehicles with two axels;
  • Vehicles with three or more axels have no minimum weight requirements.
Source: www.thedotdoctor.com

If you are one of the new trucking company owners, this might feel like a little over your head for you, but don’t worry! Each state has a portal dedicated to commercial transportation.

On their portals you will find information and assistance on commercial driver’s license requirements, safety information, rules and manuals, taxes, licenses and permits, and all other related issues.

Source: www.ftrs.net

On those sides you can find all kind of information about pretty much everything directly or indirectly connected with the industry. Hack, they have info on best free truck driving schools, truck stops, and even where best to buy your auxiliary tank.

Motor Carrier Federal DOT Number and Authority Number

After checking the requirements, the trucking company owners can register their trucks on the Federal Motor Carrier Safety Administration (FMCSA) website.

After they determine what permits they need, they can check the requirements and download the form needed for obtaining their certifications like:

  • USDOT number;
  • Cargo Tank Online;
  • Hazardous Materials Safety Permit; or
  • Operating Authority number.

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Filing for BOC-3

This form is also filed through the FMCSA website. Filling out the form will qualify trucking company owners to go faster through processes for services like USDOT number registration.

Source: www.factoringjournal.com

Once the owners fill the form, they will be required to pay a onetime fee of $75.

Heavy Use Tax Form

Trucking company owners should also comply with tax regulations related to the heavy use of U.S roads. In order to comply with this regulation, they should fill out the IRS form.

Same like the previous form, the heavy use tax form can also be downloaded online through the IRS website.

Source: www.truckdues.com

The heavy Use Tax Form identifies the tax that should be paid. The tax that you are going to pay will depend on the truck’s weight and frequency of road usage. The IRS it’s supposed to receive the form within 120 days of filing.

IFTA Decal

Depending on local laws, each state will provide an International Fuel Tax Agreement (IFTA decal) for trucks.

Trucking company owners should look at their state’s rules and requirements on the IRP portal or other transportation websites, and find out all they need to know about this registration.

Source: www.geotab.com

Note: An IFTA registration is not needed if the truck will not transport products inside state boundaries.

International Registration Plan

This registration is there to maximize interstate highway use.

Trucking company owners can understand the requirements and obtain IRP tags, by visiting the stat’s transportation website and the IRP portal.

They should fill out the registration form on the IRP website. Once they fill the form they can proceed with the registration and pay the necessary fees.

Benefits

I believe that I already said more then enough in this and my previous articles about the benefits that you get when you are in the trucking business. But let me say it one more time!

Source: www.fueloyal.com

There is money to be made in the trucking industry. All you need to do is make sound business decisions and planning. And with common sense and a little luck, you can be one of the thousands of trucking company owners living your life’s dream and owning a profitable trucking company!

Conclusion

Regardless of whether you’re a rookie driver or an experienced truck driver with a million safe miles under your belt, I am sure that you’ve at least once before considered the possibility of giving up the guaranteed weekly paycheck for the chance to live the entrepreneurial lifestyle as a trucking company owner.

Well, let me tell you, that is an achievable goal!

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