Owning and operating a trucking business can be a rewarding and lucrative experience. But when the time comes to transfer ownership of the business, there are several steps you must take in order to ensure the transfer is successful. In this article, we will provide a comprehensive guide on how to change ownership of a trucking company, including what documents and forms you need to complete and submit, and the potential implications of transferring ownership.

How Do I Change Ownership of a Trucking Company?

If you are transferring (selling) your Operating Authority (OA), you may need to request a Transfer of Operating Authority by submitting a written request. An entity may report a Transfer of its Operating Authority when there has been a change in ownership, management, or control of the company. If the demographics of your company alter, you must fill out an update form located on the Federal Motor Carrier Safety Administration (FMCSA) website within 30 days of this change. It is important to note that any changes in the company’s operating name, contact information, or ownership must be reported to the FMCSA.

If you sell your company, the new owner will have to apply for a unique number. You can change the address and phone number without filing for a new Operating Authority number. In this case, you must update the FMCSA with the new information within 30 days.

How To Change Your Trucking Company Name

If you would like to change the name of your trucking company, you must follow these steps:

  • Research Your New Name
  • Update Permits and Legal Forms
  • Get on the Same Page with Your State
  • Remove Your Name from the Owners Listed in the Operating Agreement or in Your Articles of Organization
  • Issue a Membership Certificate to the New Owner

It is important to note that you will need to update the FMCSA with your new company name on the “Update Form” before you can operate your business under the new name. This process can take up to 30 days to complete, so it is important to plan ahead.

When transferring ownership of a trucking company, it is important to make sure all the necessary paperwork is completed and submitted. Following the steps outlined above will help ensure a smooth transition and help you avoid any potential issues that may arise from not completing the process correctly.

At Atlantabusinesses.com, we provide comprehensive resources on selling a business and finding a business broker that can help you navigate the process of transferring ownership of a trucking company. Visit our website to learn more about our services and find the answers to all your questions about selling a business.

Is it possible to change the registered holder of an MC number?

USDOT numbers are not able to be passed on to someone else. To learn more about USDOT numbers and the process of transferring ownership, legal name, or type of company, please click here. Operating authorities (MC numbers), however, can be transferred. To find out more, please check out our Operating Authority Transfer FAQs.

How long does it take the Federal Motor Carrier Safety Administration to update a name change?

Once you have sent in the request for an alteration, you will have 30 days to provide evidence of insurance and complete Form BOC-3 with your new name, or your authorization will be cancelled. Reach out to your insurance company swiftly to complete this switch. The FMCSA’s systems should be able to process the name changes in approximately seven days.

Is it possible to alter the business name associated with an MC number?

You can alter the name or phone number of your business by sending a revised MCS-150 (Motor Carrier Identification Report) form by post, faxing it to 202-366-3477 or 606-330-3802, or submitting it via our web form (you’ll get a tracking number). You may also finish the procedure online.

What is the process for altering my MC authority?

Updates can be done through the FMCSA online registration system using your US DOT PIN, or you can submit an MCS-150 form to make the changes.