If you're done with trucking, you have two choices for the company: close it down or sell it. Both end your involvement, but only one pays you.
What closing involves
- Request voluntary revocation of your operating authority from FMCSA.
- Update your MCS-150 to show the company is no longer operating, so the USDOT number is inactivated.
- Cancel insurance after the authority is revoked, so it is never active without coverage.
- Close state accounts (IRP, IFTA, UCR and any state permits) and file final tax returns.
- Dissolve the LLC or corporation with your state.
You get no money for the authority, and its age and history are lost for good.
What selling involves
- Get an offer and sign a purchase agreement.
- The buyer funds escrow and reviews the company's records.
- At closing you sign over ownership, the buyer's insurance is filed, and you're paid.
- The buyer handles the FMCSA, state and IRS updates afterward.
You get paid for the company, and you skip most of the shutdown paperwork.
Which is right for you?
Selling usually makes sense when:
- The authority is at least a year old and still active.
- The company is an LLC or corporation, not a sole proprietorship.
- Your records are reasonably clean (no unresolved liens, unpaid taxes or major claims you can't disclose).
Closing may be your only option if the authority is under a year old, is registered to a sole proprietor, has been revoked for a long time, or carries problems a buyer won't take on.
Before you close, check
It takes about 30 seconds to see whether your company has value. Enter your USDOT number for an instant estimate. There's no obligation to sell.
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.