In the United States, the dump truck business is one of the easiest businesses to start, however there are certain requirements and processes with which you have to be familiar.
# 1 – Register your Business with the State where you Live
You must first choose the type of entity that you will need Limited Liability Company or LLC, Corporation or Partnership entity. The name of the company needs to be unique in the state where you live.
# 2 – Get a Federal EIN
EIN is the tax identification number that will register your business with the IRS. Before applying for the EIN, you must have completed step # 1. Most banks require an EIN to open a business bank account.
# 3 – Get a DOT Number
The DOT number is a unique identifier, assigned to commercial truck drivers.
# 4 – Workers Compensation Exemption Certificate
Workers compensation is a system regulated by each state, which provides benefits to help employees who are injured at work. Businesses that have a certain number of employees are required to have this type of coverage to protect their employees. Typically, the business owner, on the other hand, is exempt, so they need to obtain a certificate of exemption. If you own your own truck, you are in this category and are exempt from coverage.
# 5 – Medical Exam
Get a medical exam that shows you are able to drive and have not recently been diagnosed with heart problems. Having good health is another requirement to register as a commercial driver and to obtain a DOT number.
# 6 – Insurance Policy
Obtain an insurance policy for personal injury and property damage. This coverage is mandatory by state and federal agencies. Prices depend on where you live and the driver’s records and history. Request a quote with your insurance agent.
It is very important to get professional help when starting a new business. For more information you can contact Accounting Freedom Solutions LLC, 941-284-5763 to make sure you have all the necessary documents.
The information contained in this article is general information. Before making a decision that may affect you or your business, please consult a qualified professional adviser for advice on your specific situation.