Starting a Trucking Business
Form A LLC *
Forming an LLC helps protect your personal assets. It also unlocks the ability for you to open bank accounts, enter into contracts, hire employees, and get business licenses and permits.
BOC-3 Process Agent
All truckers for hire, brokers, or freight forwarders must file a BOC-3 (Process Agents) form with the Federal Motor Carrier Safety Administration (FMCSA) BEFORE their Authority will be issued.
Getting A Truck
Cost for a Truck 15,000-100,00
The price of the truck varies if you choose to buy a used truck or get a truck on a lease. You can most likely expect to pay a down payment of anywhere between $3,500 to $10,000!
Trucking Insurance *
$9,000-$12,000 per Year per Truck
This number can change based on the experience of the driver, the type of coverage, and the model and year of truck. $20,000-$45,000 for Auto Liability, Cargo, Physical Damage and General Liability
Unified Carrier Registration (UCR)
The Unified Carrier Registration is a road tax required to be paid based on the number of vehicles you have crossing outside of the state. You are required to pay this tax annually if any vehicles are going outside of your main state of operation. This cannot be pro-rated, and will be due at the beginning of each calendar year.
You are required to submit a quarterly IFTA Fuel Tax report if you have a motor vehicle registered at 26,001 pounds or more and registered with apportioned plates.You are required to submit reports quarterlies that include what states you’ve traveled in, how many miles traveled in each state, and gallons of fuel purchased. The reports are due at the end of each quarter (January - March, etc).
Invoice Factoring *
Factoring is a financial service that helps people turn their invoices into immediate cash. Instead of waiting 30-60 days for slow paying customers to mail a check, factoring allows a business to get paid the same day.Factoring ensures you always have the funds to pick up your next load. It is a crucial financial service for new trucking businesses.
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Everything You Need for Success
No Time like to Present!
Must Spend Money to Build a Business and Make Money!