Having your paperwork ready is the easiest way to speed up a sale. Here is what buyers typically ask for.
Company and ownership
- Articles of organization (LLC) or articles of incorporation (corporation)
- Operating agreement or bylaws, with any amendments
- Proof of who owns the company (member list, stock ledger or share certificates)
- Current good-standing status with your state
- IRS EIN confirmation letter
FMCSA and operations
- USDOT and MC numbers, and the FMCSA portal account owner
- Most recent MCS-150 update
- BOC-3 process agent filing
- Any audits, compliance reviews or notices from FMCSA
- State registrations: IRP, IFTA, UCR and any state permits (if you have them)
Insurance
- Current liability (and cargo, if any) policy declarations
- Loss runs for the last 3 to 5 years
- Any cancellation or non-renewal notices
Taxes and finances
- Recent federal and state tax returns for the company
- Form 2290 (heavy vehicle use tax) filings, if you had trucks over 55,000 lbs
- Confirmation that payroll and sales taxes are filed and paid, if applicable
Debts, liens and contracts
- Any business loans, lines of credit or personal guarantees
- Factoring agreement, and a payoff or release letter
- UCC filings against the company (search your state's UCC database)
- Leases or contracts that would continue after the sale
- Claims, lawsuits or accidents in the last 5 years
Personal
- Government-issued photo ID for each owner
- Spouse's consent, if you live in a community-property state or your spouse may have an interest in the company
Missing something?
Tell the buyer up front. Many documents can be replaced: your state can reissue formation papers, the IRS can send an EIN verification letter (147C), and your insurer can send loss runs. Read How to sell your trucking company for the full process.
This guide is general information, not legal, tax or financial advice. Rules and forms change; check FMCSA and talk to a professional about your situation.