UCR PERMIT: THINGS TO CONSIDER BEFORE SELECTING A TRUCKING COMPANY

Choosing the right trucking company impacts your business positively but, finding the right trucking company can be overwhelming. It’s hard to determine the best company, especially if you are new to the trucking industry. Every business has a goal when it comes to working with a trucking company. Therefore, do your research on the type of trucking companies that can help you carry out your vision.  

Reducing transportation costs is significant for maintaining business revenue and reducing expenses. So, many companies rely on trucking companies to move their product and raw materials across the country. But, before choosing a trucking company, you need to ensure the company is reliable, trustworthy, dedicated, and can work effectively to ease your operations.

In this blog, Global Multi Services is emphasizing on things to consider when selecting a trucking company.

TYPE OF FREIGHT

It is paramount to determine what type of freight the trucking company transports. For example, some specialize in hauling temperature-controlled freight, hazardous material, less-than-truckload, intermodal, and many more. Chose the one that specializes and has experience in the type of freight you want to transport.

COMPANY’S REPUTATION

Before selecting a company, you need to do thorough research about the company. What the company is known for, its dedication, compliance, and reliability. Check out their website and social media platforms to look at their online presence and information. You can also read the reviews of the company for best judgment. But reviews are sometimes not reliable. Reach out to anyone you know that have work with the company before and ask about their experience.

STATE-OF-ART TECHNOLOGY

When transporting your freight, you need access to real-time information about your products. These include live location, route information, and many more. An experienced, reputable trucking company uses the latest technology to provide your shipment information in just a few clicks on a computer or smartphone.

CUSTOMER SERVICES

Customer service is one of the factors to consider when selecting a trucking company. Many trucking companies prioritize customers services but, others neglect it. When inquiring about the company, ensure to keep these things in mind. Find out if their commitment to their customers is genuine or just a marketing strategy. You can notice this from the first person you speak with on the phone or meet in their office to the other staff. If you feel dissatisfied with the service, you may want to look elsewhere.

ENSURE THEY OBTAIN UCR PERMIT

The Unified Carrier Registration is a federally regulated program that requires commercial motor vehicles operating in international and interstate commerce to register their business with their home state. Companies and individuals operating these vehicles must pay an annual fee depending on their fleet size. Unregistered motor carriers traveling across state and international lines without a UCR Permit face the possibility of having their trucks detained and receiving hefty fines. Therefore, check each trucking company’s documentation to ensure they have all the legal requirements to haul your freight in all the regions and countries involved.

IRP Plates: How To Stay Compliance In The Trucking Industry

Regulations guiding the trucking industry in the United States can sometimes be complex. But they do not have to be a constant source of stress when you use the right approach and follow all the regulations religiously. Implementing the best practices will help you run your trucking operation successfully. It will also help you build trust, assurance, and satisfaction that shows you are on the right track.

The Federal Motor Carrier Safety Administration is responsible for determining the regulations. It is a crucial preventative measure to ensure safety on states highways. Trucking companies that aren’t compliant could face costly fines and safety hazards.

Read on as Global Multi Services outlines some valuable tips for staying in compliance to avoid penalties and other enforcement actions that can impact the health of your business.

Know Your Hour of Service

The Hours of Service is the hours truck drivers can drive without taking a break. The regulation was given to the trucking industry by the Federal Motor Carrier Safety Administration. And it applies to commercial motor vehicles engaging in interstate commerce. It is paramount to have a clear understanding of the recommended hour of service to stay compliant.

States are responsible for implementing regulations that govern intrastate commerce, and these regulations vary from state to state. Therefore, it is imperative to understand the state and federal regulations. These will help you know which requirements your fleets and vehicles fall under at any time.

Obtain IRP Plates

The International Registration Plan is mandatory for trucking companies operating in multiple jurisdictions and provinces. Trucking companies need to register their fleet of vehicles in their base jurisdiction and pay an apportioned fee based on the distance covered in each jurisdiction. IRP payment depends on how many different jurisdictions you drive through. The payment of motor carriers operating in one jurisdiction is cheaper than those traveling across much more jurisdictions.

Complete Your DVIR Daily

The Driver Vehicle Inspection Report is a pre-trip inspection carried out by the trucking company before a truck hits the road.  These include brakes, engines, lights, tires, and many more. These ensure the trucks are fit for the road and save from accidents. The federal law requires a DVIR to be completed daily by drivers of any commercial vehicle.

Trucking companies must review the last DVIR of their fleet of vehicles at the beginning of every shift to stay in compliance. They must also recognize and sign off any form of problem. And the problem must be corrected before the truck hits the road.

Register For Drug and Alcohol Testing

According to federal law, trucking companies must participate in the Department of Transportation Drug and Alcohol testing program. Failure to comply can lead to the closure of your trucking company.

Get Your IFTA License

The International Fuel Tax Agreement allows motor carriers to travel across U.S. states and Canadian provinces with a single fuel tax license. IFTA lets commercial vehicles register in their base state and pay fuel tax returns according to miles covered in each state.

HEAVY VEHICLE USE TAX: THINGS TO CONSIDER WHEN CHOOSING A COMPANY TO FILE YOUR TAX

One of the biggest challenges in operating a trucking company is understanding the tax involved. As a company, you are responsible for paying Heavy Vehicle Use Tax, self-employment tax, and many more. Having good planning and record-keeping throughout the year can help you avoid any big surprises. Complying with these regulations avoids tax penalties and eliminates any tax bill.

The last thing any trucking company wants to think about is filing their taxes or looking for a reputable company like Global Multi Services that knows about IRS Form 2290 Filing. But searching as early as possible gets you closer to finding the best company. Read on as Global Multi Services takes us through things to consider when choosing a reputable company to file your tax.

PTIN TO FILE HEAVY VEHICLE USE TAX

The company must have a Preparer Tax Identification Number and file your Heavy Vehicle Use Tax electronically. PTIN is an identification number issued by the Internal Revenue Services to paid tax preparers. The Preparer Tax Identification Number was created by the Internal Revenue Service in 1999 to protect the privacy of professionals who prepare tax returns and must be in the Paid Preparer section of a tax return prepared for compensation. Therefore, never agree to do business with a company that does not provide their PTIN.

REPUTATION OF THE COMPANY

Hiring a reputable company that can handle your tax issues and understands trucking taxes is very important. The company must be professionals with many years of experience. These are very beneficial in terms of audit and collection proceedings. They should also be able to compute your taxes accurately and file your Heavy Vehicle Use Tax instantly. You can also check their review from other customers on their website to know how reliable and trustworthy the company is. But remember, all reviews cannot be trusted.

COMPANY’S AVAILABILITY AND SECURITY

Working with a company that maintains office hours is very crucial.  The Internal Revenue Services and most States conduct audits and send letters of inquiry throughout the year. Therefore, ensure the company you choose is available every working hour to answer your questions and assist with any tax issues.

Also, many companies experience security breaches. Hence you need to know how the company you choose protects their customer's information and records in physical and electronic form. If you are not satisfied with the answer you get, walk away and find a more reliable company to trust.

HIRE A RELIABLE COMPANY TO FILE YOUR HEAVY VEHICLE USE TAX

Do you need a reliable and trustworthy company to file your trucking company taxes?  Global Multi Services can help you out. We have been in the industry for many years, and we are experts in trucking taxes. These include IRS Form 2290 Filing, and others. The experts at Global Multi Services make your Heavy Vehicle Use Tax easy by filing online and ensure you receive your Stamped Schedule 1 within seconds hassle-free.

IFTA Permit: How to Run a Profitable Trucking Business

The trucking industry is one of the most profitable industries in the United States and very fragmented. It is an ideal business for generating profit without emptying your pocket. The trucking business is one of the best ways to become a business owner but understanding how it works is very important. You need to obtain all the required licenses such as IFTA Permit, MC Authority, UCR Permits, and employ licensed truck drivers. Many trucking companies do not make it past the first few years of their establishment because they do not know the business basics.  

Many make mistakes that cost them their trucks, finances, and other essential things in their life. Watching a new trucking company end up in worse shape than when they started can be heartbreaking. Understanding how the industry works and researching its downside can help newbies navigate through the business. Read on Global Multi Services explain how to run a successful trucking business in the US. Let's dive in. 

Research About the Industry

Research about the industry to know how it works. Have detailed information on the permits and licenses you need to operate legally in the industry. Know your future customer's expectations and how to meet their needs better than your competitors. Take classes on trucking accounting, management, and marketing. Know how to become visible, find customers who will constantly be in business with you, and what you need to do to keep them.

Choose a Specific Niche

Almost every industry in the United States depends on the trucking industry to function successfully. Therefore, you can choose any one of those industries and make it yours. Select a specific industry and pitch your net there instead of hauling freight for all the industries. For example, you can start moving medical equipment or become a trucking company that transports only agricultural products. These create visibility and set you apart from your competitors. 

Obtain IFTA Permit and Other License 

The trucking industry is one of the most regulated industries in the United States and obtaining your authority and other permits is necessary to operate legally in the country. It is paramount for trucking companies to have documents like IFTA Permits, IRP Plates, CA numbers, and many more when traveling interstate. Additionally, there are many legal formalities and tax laws motor carriers need to obey. Therefore, it is paramount to get all your documents right.

Have a Strategy and Get Your IFTA Permit

The trucking business is not just about moving freight from one point to another but about finding the best way to do so. Research the routes available and choose the ones that generate profits in deliveries. Also, it is imperative to analyze your fuel prices and determine your cost based on your fuel prices.

Adhering to the trucking industry regulations can be overwhelming for new trucking companies. Therefore, they need a trucking permit company like Global Multi Services to guide them through their license and permit application process. 

USDOT Number: HOW TO RUN A PROFITABLE TRUCKING COMPANY

The trucking industry is one of the engines running the economy of the United States. They are constantly hauling raw materials from suppliers to manufacturers and delivering finished products from manufacturers to consumers. Without them, the whole economy will stop moving and can affect other industries. The trucking business is very profitable and competitive. Many trucking companies are established every year, but they end up failing. These often happen to great truckers that are not a good entrepreneur. Therefore, knowing how to grow your trucking business is more than being a good truck driver. You need to choose the right niche, stay compliant, obtain your USDOT Number, charge the right rate, and many more.  Read on as Global Multi Services gives us the step to run a profitable trucking business.

HAVE A BUSINESS PLAN 

Having a business plan is one of the fundamental rules when starting a business.  Before rushing to buy a truck or register your business, do some research and planning. These will give you a broader view of the industry and help you develop a basic business plan. Your business plan should contain your market research, data-driven strategy with step-by-step goals, and many more.

 

CHOOSE THE RIGHT MARKET NICHE 

 

Choosing the ring market niche is one of the most important steps to run a successful trucking business. Your market niche determines the type of equipment you buy, the rates you charge, and your route.  The market is very competitive and choosing the right niche will help you grow your business. You can focus on specialized freight and transport them from one place to another. For example, hauling frozen, meat, and fresh produce in temperature-controlled trucks has many advantages. These include less competition, year-round work, and resistance to recessions.   

 

GET YOUR USDOT Number 

 

Before starting your trucking business, you need to register and obtain a USDOT Number and other licenses. The USDOT Number is a unique identification number given to trucking companies operating commercially across multiple jurisdictions. Trucking companies transporting hazardous materials intrastate in quantities that require a safety permit must also register for a USDOT Number. The DOT Number is issued to trucking companies by the Federal Motor Carrier Safety Administration. The number is used for monitoring and collecting the company's safety information.

 

BUY THE RIGHT EQUIPMENT

 

Buying the right equipment is an essential factor when establishing a trucking business. It provides seamless operation and avoids failure. Choose a licensed truck driver, professional dispatcher, experienced operation manager, and many more. Also, you need to ensure the truck you are purchasing can accommodate the type of freight you want to haul. Get an insurance coverage plan as it will cover any loss in case of an accident.  But make sure you choose an insurance company that specializes in truck insurance. 

 

BE OPEN-MINDED

 

Research has shown that 91% of the trucking companies operating in the United States are small. That is, they have less than six trucks in their fleet. These small trucking companies make a great impact on the trucking industry. Therefore, do not limit yourself. Be open to the challenges that come with having a trucking business and set up achievable goals to avoid failure. 

MC AUTHORITY: BENEFITS OF JOINING THE TRUCKING INDUSTRY

Trucking industry is one of the largest industries that provides great streams of revenue in the United States. It also transports 70% of all raw materials and goods in the country. These made the industry an essential aspect of the country's economy, and many entrepreneurs are venturing into the business every day. The trucking industry is one of the most competitive industries but very profitable and highly regulated. Trucking companies must comply with rules given by the Federal Motor Carrier Safety Administration and other organizations governing the industry. Motor Carriers need to obtain MC Authority, Motor Carrier Permit, IRP Plate, USDOT Number, and other permits to operate legally across multiple jurisdictions. There are many things to consider in the trucking industry before making the jump, and while the industry has its disadvantages, its benefits overweight them. Are you considering joining the trucking industry? Or simply looking for ways to convince your friend about the trucking industry? Global Multi Services have you covered. Read on as we explain some of the benefits of joining the trucking industry. 

VERY LUCRATIVE AND EVER-GROWING 

The Trucking business is one of the businesses that has overcome the economic crisis, changing technologies, environmental regulations, and many more. The industry has continued to provide growth, ease, and employment opportunities to many people. And will continue to provide essential services to the country for decades to come. The trucking industry has the potential to be very lucrative if you manage your business well. It is a big reward for trucking companies willing to work hard and dedicated to operating at high efficiency. Many trucking companies increase their revenue by maximizing their equipment utilization, employing good drivers, and controlling costs to drive as many loaded miles as possible. Therefore, the key to earning more money in the industry is staying compliant, registering for the EPN program, obtaining MC Authority, and many more. 

FREEDOM TO USE THE ROAD WITH MC AUTHORITY

Most people working in the office are always sitting behind desks surrounded by cubicles. But things are different when it comes to the trucking industry. Trucking companies have their MC Authority, a license to operate commercially in the state. Truck drivers also have the road at their disposal and the freedom to travel any time of the day. They travel across different routes, see new locations, experience cultures, and many more. The freedom to travel across many communities and cultures is what you get to enjoy in the trucking industry.

PROVIDES INDEPENDENCE WITH MC AUTHORITY

Joining the trucking industry gives you a sense of independence. That is why it is among one of the fastest-growing and desirable industries in the United States. With your MC Authority and other permits, you have the benefit to operate independently. That means you can set your schedule, decide what freight to haul, chose your price, route, and many more. 

SENSE OF BELONGING 

Truck drivers often feel lonely because of the long travel hours on the road. But they have a sense of belonging because of other truckers looking out for them. They know they have a family within the trucking industry to help them in times of trouble. Truck drivers also band together to help each other during traffic jams while advising each other. 

CORPORATION FILING: BENEFITS OF FORMING A CORPORATION

 Many entrepreneurs often assume corporation filing is costly, time-consuming, and stressful. But the reverse is the case. The benefits of incorporating your business typically outweigh any perceived disadvantages, and these benefits are unavailable to sole proprietorships. Do you want to start a trucking business? or already operating as a sole proprietorship, but wondering if corporation filing is right for your business? Global Multi Services explains the benefits of forming a corporation. Let’s dive in.

WHAT IS CORPORATION FILING? 

 

Corporation filing is a set of documents providing important information about the corporation. These include the name, address, shareholders information, business purpose of the corporation, and many more. Filing articles of incorporation is mandatory no matter the state it is incorporated.

BENEFITS OF CORPORATION FILING 

GENERATES CAPITAL 

Incorporated companies are allowed to source funds in the form of equity or debt. That means they can raise funds through the public or debt referring to bank loans or other forms of credit. Capital is raised in incorporated businesses easily through the sale of stock. They also attract many investors because of limited liability and the easy transferability of shares. These make them more reliable. Also, many banks prefer handling loans with incorporated borrowers.

ASSET PROTECTION 

 

A corporation provides assets protection to its owners than any other business entity. That means the shareholders are not personally responsible for the debts or liabilities of the company even if the corporation doesn't have enough money in assets for repayment. Asset protection is one of the main reasons many businesses chose to file for incorporations.

 

TRANSFERABILITY OF OWNERSHIP

 

Corporation ownership depends on the percentage of stock. This makes it flexible when compared to other business entities. Transfer of ownership is easier in a corporation because a shareholder may transfer his shares to anyone. Specific information about the transfer often depends on the agreement in the bylaws and articles of incorporation. For example, shareholders can sell their share if they want to leave the company. Similarly, if shareholders die, their stock can be transfer to their family or someone else.

 

TAX BENEFIT 

 

Corporations often have tax advantages. These include health insurance premiums, savings on self-employment taxes, life insurance, and many more. Although C-corporations are subject to double taxation, other tax benefits depend on how their income is shared.

 

CONTINUITY OF LIFE

 

Corporation’s existence does not depend on its owners. That means there is no limit to the life of a corporation since its ownership can pass through many generations of investors. If a shareholder dies or sells its share, the corporation still legally exists and will continue to do business as usual.

 

BUSINESS CREDIBILITY 

 

The shareholder often appoints experts to manage the day-to-day activities of the business. These improve accountability and establish business credibility. The availability of resources also makes it easy to offer good salary packages to employees, which attract the best talent available in the market. Incorporating your business also establishes trust with potential customers, employees, vendors, and partners.