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Title Transfer, A Necessity To Secure The Ownership

April 23, 2021 0Title OnlyTitle Transfer

I know how jaunty it feels to buy your own vehicle, whether it is a simple car or a truck. But buying a vehicle is not that easy, as someone might think it is just a simple give and take of money. To buy a vehicle, especially if you are buying a per-owned vehicle, a lot of paperwork and documentation need to be done, for a successful transfer. And such documentation needed to be done to get legit ownership of a vehicle is termed as Title Transfer. This blog is dedicated to providing you information regarding the process of Title Transfer, what does Title only and Partial Year Registration mean, and how you could utilize the services of Global Multi Services for a quick and genuine Title Transfer.

How to Transfer a Title

Having a Title Transferred is not a complex process, but it’s not very easy either. You could gather a lot of information about Title Transfer on the internet like I am giving in this blog, but there is no option to file a Title Transfer online, for that you have to go to your state’s DMV office and file that in person or you could take the help of Global Multi Services. Still, I am going to list the documents essential for a Title Transfer, following:

  • A signed, notarized, completely, and properly filed Title Transfer application.
  • Proof of the vehicle’s insurance coverage.
  • A document of sale and all other documents provided by the seller.
  • The insurance policy along with your name and sign.
  • Driving license
  • Title Transfer fee and additional fees, in case you want an instant transfer.

If you are Transferring the Title from your spouse’s name to yours, or are inheriting it in any other way, you need to provide probate along with the court’s certification.

As a buyer you might have to pay a late fee if you don’t get your Title Transferred within 30 days of its purchase.

Title Only

This section of the blog particularly concerns the truckers and trucking businesses, because Title Only services are usually for trailers, which does not require a transfer of registration but the Title Only. And the Title Only transfer further depends on the fact that whether the Trailer is going to be used for commercial purposes or not, and what is its weight category. In the registration process further, there are two kinds of registrations. One is registration on a lease, which could be for 1 to 5 years, and the other is permanent registration which is lifelong.

The non-commercial trailers with a gross vehicle weight of 10,000 lbs will be charged differently, for temporary and permanent registration, then the non-commercial trailers which have a gross vehicle weight of more than 10,000 lbs.

Partial Year Registration

The concept of Partial Year Registration is just to give flexibility to the consumers. As there used to be instances where the people do not want long-term ownership, so Partial Year Registration provides registration for any duration between 1-12 months. Those vehicles or pickups that weigh an unladen weight of 8,000 lbs and a gross vehicle weight of 10,001 lbs or less, have to pay a full registration fee along with a vehicle license, county, prorated unladen weight, and Partial Registration fees. The vehicles which weigh more than 10,001 lbs have to give the Cargo Theft Interdiction Program (CTIP) document, Commercial Vehicle Registration Act (CVRA) document, and the CVRA Decal fees, along with the prior document.

How Global Multi Services can help YOU

Global Multi Services have proficient and skilled experts for all kinds of Trucking services. Filing for Title Transfer is a very delicate process, and one wrong documentation could ruin the whole filing process, hence Global Multi Services will help you file the aptest Title Transfer, Title Only, and Partial Year Registration Documents.

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Apply for Your Oregon Trucking Permit with The Expertise of Global Multi Services

April 22, 2021 0Oregon FilingOregon Permit

As the United States of America is completely federal in nature, the states are allowed to make their own laws and jurisdictions, subject to the citizens of their states along with the trade and commerce of their states. Taking advantage of such rights, the state of Oregon has constituted its own trucking permits, and the commercial vehicles operating in the state of Oregon, either interstate or intrastate, have to comply with the state’s decree and must get the Oregon Trucking Permit. In this blog, I am going to share with you the key points of Oregon Trucking Permit, tell you why it is essential, and many more.

Those who have to pay Weight-mile Tax

ODOT or the Oregon Department of Transportation mandates those intrastate and interstate travelers, to pay and report highway-use taxes, who travel within state or from Oregon to other states for commercial purposes, and have a gross vehicle weight of more than 26,000 lbs. The ODOT also statutes those who don’t own tax to file for the Oregon DOT Plates or Oregon Weight and Tax Identifiers, and In case you fail to do so, an ODOT could even suspend your account. But there are exceptions as well. Like vehicles operating for the government, private and off road vehicles, and at last those vehicles operating for farm purposes are exempted to pay the ODOT Weight-mile tax. But the exempted operations could be subject to state fuel tax. The following categories are required to pay the ODOT taxes.

Oregon Intrastate Motor Carrier Authority

Those commercially operating drivers or vehicles, like pickup trucks, vans, trucks, and trailers, semi-tractors, that travel within and under the borders of the Oregon state are authorized to register for the Oregon Motor Carrier Authority. And do not get confused with the term Oregon Motor Carrier Authority, it is one of the names of ODOT.

Private Carriers with Gross weight or Combined Gross weight of 26,001 lbs or above

Now those private carriers that are maneuvering their own product within the borders of Oregon state in vehicles like Van, pickup trucks, semi-tractors, and trucks and trailer are obligated to register with the ODOT or Oregon Motor Carriers Authority if the gross vehicle weight of their vehicle is 26,001 lbs or above. As a private carrier, it is not necessary for you to register for the Oregon-intrastate Motor Carrier Authority but you have to comply with financial responsibilities.

And the above-mentioned vehicles are also needed to register for the Oregon Weight-Distance Tax if they have a vehicle having a gross weight of 26,001 lbs or above.

For-Hire Carrier

If you are a mover or owns a moving company and operates within the borders of Oregon state, for commercial reasons, your van, truck trailer, semi-tractors, and other prior mentioned vehicles are required to register for the Oregon Intrastate Motor Carrier Authority. Plus those vehicles which have a gross vehicle weight of, 10,000 lbs or 10,001 lbs and more, along with the product weight, have to carry a minimum of $ 300,000 and $750,000, respectively, as personal liability or Property Damage Liability Insurance.

Those Crossing Oregon State lines For commercial Purposes

Those vehicles which haul out of the state borders for commercial purposes, and even the private carriers, have to register for the USDOT Number and Unified Carrier Registration Process. But the vehicles which have a gross weight of fewer than 26,000 lbs, or less than 2 axles, are not required to register for IRP License Plate or IFTA Fuel Tax. And those vehicles that weigh more than 10,000 lbs, along with more than 3 axles, have to register for the IRP License Plate, IFTA Fuel Tax, and Unified Carrier Registration (UCR) Process.

Conclusion

In this blog, I have provided all the information regarding the Oregon Permits, but there is still much more to know and for that, I would suggest you refer to Global Multi Services.

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LLC Registration: know Everything before registering as an LLC

April 21, 2021 0LLC FilingLLC Filing CompaniesLLC Registration

I know that there are a lot of zealous entrepreneurs out there eager to grow their businesses. But it is an arduous dilemma to choose what kind of corporation you should file. Should you go for an LLC Filing or a Corporation Filing. Though there are many pros and cons of both, I always say that the major aspect that you should consider before filing for any is the size of your company and the knack of your organization. But whatever it is you know that you could rely on Global Multi Services for adept advice. In this blog, I am particularly targeting your concerns for an LLC registration, so sit tight.

What is an LLC Registration?

“No one knows everything but everyone knows something” keeping this philosophy in mind, I do want to exclude the LLCs definition from this blog. I am sure most of you know that LLC stands for Limited Liability Company, but there is much more hidden in this abbreviation than just the full form. As the name suggests itself the LLC gives protection to your personal assets, which means that if in the future somehow your company gets into heavy loss and debts then your personal assets will not be susceptible to the retrieval of your debts. Each state has some of its individualized sets of regulations for the LLCs, so you might have to check with your state’s regulations for the same. And although different states could have some different regulations, you do not need to worry as such differences are certainly not radical. Also, a majority of states give permission for Single- Member LLCs. Another important point is that the owners if there is more than one, of an LLC, are called members whereas the owners of a corporation are called Shareholders. Some specific business kinds like banks and insurance companies can not register as an LLC, so if you are one of these you should consider Corporation Filing.

Perks of An LLC

The LLC comes with a number of perks or merits that could not be constrained and written in a single paragraph. Hence I am going to write them in different segments.

Pass-Through Taxation

There is a thing called Double Jeopardy or Double Taxation that the C corporation is prone to. Under this Double Taxation, the earnings are taxed twice, first in the form of corporate tax at the company level and then the dividends of the owners are taxed at the personal level. But the LLCs or the S corporation are exempted from this. In LLCs, there is something we call pass through Taxation, in which the profits and losses of the company are not taxed but the owners are taxed on the individual level. And that’s so it is called pass-through taxation because all the profits and losses pass through the taxation process. Another great thing about pass-through taxation entities is that they do not have to file tax returns as an entity instead they could file an information return, all and all the pass-through entities do not have to pay taxes at a company entity level.

Versatility

Another great aspect of the LLCs is their versatility as there are a lot of options in a number of fields like there is no limit on the number of owners, there could be a single owner or sole proprietorship, then there could be ten owners or even hundred owners. On the management level also, LLCs can appoint many members at a single post, for instance, they can appoint one or more managers and they don’t have to be managers only, they could be either members or one of the owners or non-members. Then in some cases, LLC also gets to decide what kind of taxes they want to pay. If they want to be taxed as an S corporation then they will be a pass-through identity, or they could choose to be taxed as a C corporation.

Simplicity

At last, unlike a corporation, the LLCs do not have to be that much programed. They do not have to appoint CEOs, CFOs, BODs, and arrange annual board meetings

Conclusion

I think I have listed enough points that you could make up your point between opting for an LLC Filing or a Corporation Filing. But still, if you want to find more about LLC registration, and corporations as well, you are cordially welcomed at Global Multi Services and will help you to file the same with the assistance of our proficient experts in this field.

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