C reating , merging , and acquiring companies is a tricky business fraught with pitfalls and legal complexity . Before the process begins , business owners should consider several issues that thoroughly need to be investigated and planned out in creating , merging , or acquiring businesses before any deal is proffered or negotiation ensues . The first step to any such project is to write out or update your business plan for your trucking or delivery company . While the operating premises seems somewhat straight forward , writing a well thought-out business plan helps you focus on core aspects of your newly formed or acquired company and lays the groundwork for what you envision in your new enterprise .
A clearly-defined business plan lays out the reasoning for a company ’ s founding , outlines the capital required to get the new venture started , outlines the financial projections displaying expected costs versus anticipated projects , and states the strategy and future goals of the company . A business plan helps you keep focused on moving your business forward , according to your blueprint . You will need a business plan for any loan application you will submit to secure the funding for your enterprise , such that having a business plan well in advance will put you ahead of the game . To help outline a business plan , look for free business plan templates on-line . This will give you a good foundation for what information you should include and give you insight into action items you need to address .
Another must-do action item is determining how you will need to register your newly formed or acquired business entity . There are specific state and local mandates from both types of governments that need to be investigated to discover what is required to properly register your company . There are various types of business entities available for various types of companies such that you will need to research which type of entity offers you the type of personal liability protection you require . These business entities will also set the stage for different tax ramifications and different ownership structures . Are you a one-person , self-owned trucking company ? You may want to consider registering your company as a limited liability company ( an LLC ) to protect your personal assets . Are you going into business with a partner ? For this scenario , you may want to take a look at LLCs that are specifically designed for partnerships and corporations . Whichever way you go , you will need to complete appropriate paperwork and submit proper documentation identifying the company ’ s principals and founders , tax identification information , any general business agreements , as well as state specific materials that are required .
In registering your business with any state ( or multiple states ), you will need to provide a unique business name . The business name cannot be a duplicate or similar name to other businesses already in existence . To ensure your new company name will not be rejected , perform a quick Secretary of State and U . S . Patent and Trademark search . This will make certain you have a viable and appropriate business name that can be registered .
Along with registering your business , you will also need to obtain the appropriate business licenses , permits and insurance . It is imperative that you are operating your business legally . It is crucial to secure all appropriate insurance coverage – public liability insurance , cargo insurance , bobtail insurance , physical damage insurance and workers ’
A clearly-defined business plan lays out the reasoning for a company ’ s founding , outlines the capital required to get the new venture started , outlines the financial projections displaying expected costs versus anticipated projects , and states the strategy and future goals of the company .
summer 2023 I customized logistics & delivery Magazine 27