Simple Steps to Follow for Getting Freight Broker Licensing & Training

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 If we talk about the business of being a freight broker, then it is all about knowing about the matching goods which you are about to ship to different companies for shipping regards. But to act as a professional freight broker, it is important to acquire the freight broker license. It is also known as load broker license. All the freight brokers are generally regulated by Federal Motor Carrier Safety Administration (FMCSA) whose requirements are a bit confusing.

Below we have shared a quick guide for you to explain about getting freight broker licensing and training.

Step no 1: Consider training

Although it is not at all required by the law, but it is important to gain proper training about what freight broker is all about and what functions you have to perform to fulfill your role. You can go for the online course for freight brokers or you can also check some training books to gain some knowledge. If it is possible, you can also get your hands on over some existing practice of freight Brokerage Company.

Step no 2: Choosing a business structure

A freight broker needs to perform three different roles in their business including partnership, sole proprietorship and corporation. Each one of them is having certain tax implications or the documentation requirements. Having an excellent structure of business will leave a lasting positive impact on the company. Take some guidance from business attorney or the tax professional experts before you select any.

Step no 3: Apply for the broker authority

Next step is all about applying for the broker authority by straight submitting Form OP-1 to the FMCSA. In this form, you need to mention that whether you are applying for the “Broker of Household Goods,” “Broker of Property or even both. According to 2020 report, $300 is the filing fee for each category and $600 fee for both.

Step no 4: Getting surety bond

FMCSA will require the surety bond to get an idea that you do follow all the regulations and guidelines as being the freight broker. For any freight broker, the certain bond amount is maximum $75,000. But there is no need to raise the entire money by yourself. You can also work with Surety Company who will be putting the bond in your favor as in exchange for the small premium.

Step no 5: Selecting a reliable process agent

In the freight broker training, choosing a reliable process agent is another important step to pay attention at. Process agent is available in each state under which you can write the broker contracts. Plus, they will also help you to deal with the legal proceedings which you might face at a certain stage of your business. There are some freight brokers who even look for the individual agents in every single state.

Step no 6: Registering yourself through the Unified Registration System

Last step is about registering yourself with FMSCA through Unified Registration System (URS). This system yet combines different forms which are required for completing the registration through easy and a simple application form filing. 

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