These three questions come from the TruckBiz due-diligence checklist, last reviewed October 6, 2026, in the site snapshot captured October 14. They are a starting point, not a complete review for every deal.
1. Do the company papers match?
Ask for the Articles of Organization and IRS EIN letter. Check the legal name against the state’s business entity record. The company should be active with the state, and the owners or managers on file should match the seller.
The checklist also calls for checking the owner’s ID against the company documents and FMCSA record. Review these records together rather than treating one document as the whole answer. Your purchase agreement should say what you are buying: membership interest for an LLC or shares for a corporation.
2. What debts and factoring need review?
Ask the seller to list all debts in writing. Some debts never appear in a public record, so a public search alone is not the full picture.
Check the state’s UCC filing records for liens. Ask whether the company sells invoices to a factoring company and request a factoring release letter where factoring exists. The checklist describes a UCC financing statement as notice that a creditor has a security interest in the debtor’s personal property. Review the seller’s answers and documents with your advisers before deciding.
3. What exactly will be handed over?
Ask for a written transfer checklist that names every item you get. Depending on the listing, this can include company phone and email, corporate papers, load-board and broker setups, platform accounts or a bank account.
Check each item against the listing and deal documents. Outside platforms decide whether to approve a new owner. Where access belongs to a person’s identity, the new owner sets up their own access under that service’s rules. Never share passwords or two-factor authentication codes.
Use these answers alongside the full checklist’s FMCSA, safety and insurance checks. General information only; involve your own lawyer, accountant and insurance agent.
General information only, as of the “Last reviewed” date — not legal, tax or insurance advice. Rules change; check the official source we link. TruckBiz is a marketplace, not a law firm, insurance agency or escrow company. TruckBiz is not affiliated with or endorsed by Escrow.com, FMCSA or the U.S. DOT. Talk to your own lawyer, accountant and insurance agent about your deal.
Last reviewed: October 19, 2026