Tag: TERM

Cargo Tank Facility An entity that: Manufactures, repairs, inspects, tests, qualifies, or maintains a cargo tank to ensure that the cargo tank conforms to 49 CFR part 178, subpart J, and 49 CFR part 180, subpart E; Alters the certificate of construction of cargo tank; Ensures the continuing qualification of a cargo tank by performing… Continue reading TERM FMCSA Definition – “Cargo Tank Facility”

Government Entity A U.S. Federal Government agency, State Government agency, local Government agency or Indian Tribe.

Freight Forwarder An entity that holds itself out to provide transportation of cargo belonging to others, using for-hire motor carriers subject to the commercial registration requirements to provide the actual interstate transportation. In the ordinary course of business, freight forwarders: (1) assemble and consolidate shipments, (2) conduct break bulk and distribution operations, and (3) assume… Continue reading TERM FMCSA Definition – “Freight Forwarder”

Property Broker An entity that arranges for the interstate transportation of cargo belonging to others, using for-hire motor carriers subject to the commercial registration requirements to provide the actual transportation.

Private Motor Carrier Interstate Transportation by commercial motor vehicle, not for compensation, as defined in 49 CFR part 390. Property (Hazardous Materials) – transports any amount of hazardous materials. Property (Non-Hazardous Materials) – does not transport any hazardous materials. Passengers (Business) – A private motor carrier engaged in the interstate transportation of passengers which is provided in the furtherance… Continue reading TERM FMCSA Definition – “Private Motor Carrier”

For-Hire Motor Carrier Transportation by a motor carrier for compensation, including: Property – Transportation of general freight, hazardous materials or household goods. This category includes transportation exempt from the commercial registration requirements in Title 49 U.S.C. chapter 139. These exemptions can be found in 49 U.S.C. chapter 135. Passengers: Charter & special operations – Charter service is… Continue reading TERM FMCSA Definition – “For-Hire Motor Carrier”

Trust A relationship whereby property (real or personal, tangible or intangible) is transferred by one party (settlor) to be held by another party (trustee) for the benefit of a third party or parties (beneficiary(ies)). In effect, a trust is a legal device designed to provide financial assistance or something of value to someone without giving… Continue reading TERM FMCSA Definition – “Trust “

Limited Liability Partnership (LLP) A partnership in which some or all partners (depending on the jurisdiction) have limited liability. In an LLP, no partner is responsible or liable (directly or indirectly) for an obligation of the partnership due to another partner’s misconduct or negligence, thus shielding innocent members of these partnerships from liability

Unit of State or Local Government Any department or agency of the federal government, any state or any agency, office or department of a state, any city, county, district, commission, authority, entity, port or other public corporation organized and existing under statutory law or under a voter-approved charter and any intergovernmental entity created under Federal… Continue reading TERM FMCSA Definition – “Unit of State or Local Government”

Limited Liability Company A business structure type that combines corporation limited personal liability with partnership or sole proprietorship single taxation. Each shareholder files his or her own separate tax return. Profits and tax benefits are split any way the stockholder and shareholder entities choose.