How to apply for your own operating authority?

If you are passionate about your work being a driver professional, but dislike working to the schedule of someone else, perhaps it's time to obtain an individual Operating Authority (Motor Carrier Number). The DOT and MC Number you have lets you start your own trucking business and gives you the ability to control your timetable, income, and expansion. Starting your own business could be daunting We're here to guide you through the steps!

The steps to follow in the Federal Motor Carrier Safety Administration (FMCSA) procedure includes obtaining the US Department of Transportation (USDOT) number as well as your Operating Authority (Motor Carrier Number). Here's a brief outline of the steps you'll need to take to finish the process and make yourself your boss.

1. Choose a name to represent your company.

It sounds simple but having an official name for your business can make the entire procedure much easier!

2. Find Your U.S. Department of Transportation (USDOT) number.

The USDOT Number is an unique identifier of your vehicle that is used to keep track of your business through audits, inspections and investigations. A majority of states need a DOT number it is possible to find out the requirements for the DOT number here.

3. Apply for an Employer Identification Number (EIN).

Also called a Federal Tax Identification number is a way to identify your business or business. We suggest that you make an application for an EIN to be used to pay taxes at the end of the year.

4. Finding the MC Number.

Alongside your EIN and DOT number In addition, you'll need an official motor Carrier Number (MC Number). The first step to be taken when applying for an MC Number is to figure out the kind of authority you'll need. Because the MC Number is based on the type of cargo that is transported and the type of cargo, drivers might need to apply for several types of authority, each one allowing you to transport across states. Be careful when choosing the appropriate Operating Authorities, as this can affect the amount of insurance needed. We suggest getting approved prior to obtaining primary liability insurance and cargo insurance to avoid the waste of time and money in the future.

After you've registered your business and have registered for your MC Number and secured insurance, it could be the time to consider receiving a faster payment for the load you transport. Since the majority of owner-operators wait for 30 days before they receive payments from their loads and shipments, many use a method known as freight factoring to assist in cash flow. If you're in need of assistance in getting paid quickly, Love's Financial is here to assist.

We are able to file your Ifta quarterly on your behalf. Get your Dot & MC Number and Fmcsa Licensing & Insurance.