Prior to building or investing in any company or business, it’s important to know its administering rules and regulations. These are essential for setting up any business and ensure its smooth running. The right licenses can also help in creating an empire of a company and make it an authority among several of its competitors.
Not having some of the required permits for establishing a moving business can also set you up for your hefty fines and fees. So whether it be the ucr registration or any other legal requirement from the government, ensure to fulfill them after creating a to-kill business plan. You can keep reading below to find out any and every permit you may need to procure for your moving business to make it run legally and authoritatively:
Make Sure Your FMCSA is Complete
The Federal Motor Carrier Safety Administration (FMCSA) is a set of regulations for moving vehicles and carriers. It was established to manage the rules on transport and other types of commercial exporters and their workings. Every moving company requires the status for operating their carriers safely and have them comply with regulations and licenses needed. Once you register with the FMCSA, you will need to fulfill all its compliances to rules for establishing a legal moving company and start moving items and cargo. For registering to the FMCSA, you will first need to fulfill all of its requirements and prepare the documents mentioned listed below.
Register a US Dot and State Dot
Under the FMCSA, you need a couple of permits registered to be able to transmit and move having commerce carriers legally. The first one will be the US DOT, which is necessary for every moving hauler operating under a commercial business. Make sure to get this permit before registering for the FMCSA, as it is a requirement. Check with your state and clerical directory to find if the state requires a DOT registration of its own or not. Moving on, you will find that you will be asked for an MC number that is also a regulation for the safe moving of commercial carriers.
Sign Up for a UCR
It is essential to get all the licenses necessary to run moving carriers safely and under legal requirements to have a secure business. Therefore, a UCR number is important to procure to have your business handles and safeguard it. A Unified Carrier Registration (UCR) is a permit that monitors carrier vehicles and collects annual fees. This system was developed to trace commercial vehicles and idealize their upkeep by the company for carrying items for business.
It’s never a good idea to start a business without thoroughly protecting it and the rights of people associated with it. That’s why you must look for all the required insurances for a moving company to acquiring after the right permits and licenses because it’s just as important. Some insurances are required by the government and legally liable for companies. But it’s only for the good of the business that these coverages are requisite.
You can get business insurance and Liability Insurance that are needed for the safety and maintenance of the company. Aside from these, you may need vehicular insurance and cargo protection. Getting the Workers comp insurance can also be necessary for business employees.
Set an Entity
A business usually needs an entity to designate its working in the area and be looked at as a legal and established one. Hence, you need to acquire a legal entity to define your business working as well. A moving company can set any entity, including partnership, LLC, corporation, and more. The importance of these labels is that your business is protected against any threat or charge. It not only defines your business but provides a strong front to any beings who may try to harm it or sue it for bizarre reasons. For this reason, acquire a corporation or LLC that are better designations for overall business protection by registering with an agent.
After you provide the business a preferred designation and the right permits, you will then be required to sign up for taxes before you can open up the business. The last but not ever the least thing to do is set the business bank accounts to have the company’s resources and revenue stored legally and securely.