Company Set up
Articles of Corporation
Starts a company
Company Agent: 401/401a
In order to maintain your own authority you must keep an agent on file. This is a person who can collect and sign for the legal paperwork within the corporation's home state.
401 is the companies choice of agent and 401a is the persons permission to become an agent. There are also companies for hire that can fill this role such as National Registered Assoc. Inc. This form is filed with secretary of state when completed.
Federal Taxes: 1190
These are your general federal company taxes. As a company and depending on your state you should only be required to make a payment if the company reports a profit. I would recommend hiring an accountant.
Any brokers a motor carrier deals with or companies that the motor carrier drives freight for may also have specifications as to what type of insurance needs to be purchased for their freight. The types of insurance that need to be purchased are liability, cargo, fiscal damage and bob tail.
IRP or International Registration Plan
UCR or Unified Carrier Registration
Heavy Highway Use Tax or I-2290
Federal Unemployment Taxes
State Franchise Taxes
New York High Way Permit
Side Note: IFTA Decal is sent out automatically at the end of each year. Some grace period is given to allow the company to receive the decals and pass them on to the drivers.
Federal Employment Taxes or Form-941
State Employment and Unemployment Taxes
High Way Taxes
States include: Kentucky HT, New York HUT, New Mexico HT
This tax is supposed to help cover the cost on the use of state roads within these states. Of course so are a number of other taxes....
Oregon: A real Dilemma
Its IFTA taxes are included within the price of fuel and all truck movements within the state are tracked through their DOT department.
Previously, smaller companies could purchase temporary permits to travel through the state. This has supposedly changed and all companies must now pay a large bond and purchase a permanent permit. I still have yet to research this in more depth.