This ad will close in
Question added to topic Starting a BusinessSeptember 12, 2008

Is a letter of credit from our bank enough to start a freight broker business?

Should our banker fill out the necessary form with the letter of credit, or are we required to have a bondsperson handle it after we receive the letter of credit?

It's not clear what form you�re talking about, as this is a business that requires a number of different forms.

There's a lot that goes into starting a freight broker business, not the least of which is ensuring that you have a substantial enough line of credit to be able to pay your carriers even before you're paid by the shippers.

Make sure you surround yourself with a solid team of advisors--for insurance, record-keeping (the Code of Federal Regulations specifies the records you need to maintain), legal issues and, especially, banking. They should be able to help you create a smooth system for operations.

Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.

0 Comments. Post Yours.

About ASK ENTREPRENEUR

Ask Entrepreneur is a question-and-answer forum for and by the Entrepreneur.com community. Send in your burning business question, or comment on someone else's now. Have a Question? Ask Now

Topics (over 1000+ answers)

Don’t see a topic? Suggest One

Ask Entrepreneur Q&A Hangouts

Google + Hangout With Shark Tank
Google + Hangout With Jason Falls
Google + Hangout With Angela Jia Kim
Google + Hangout With Grant Cardone