When you need to change operating authority records, it can be difficult to know what type of change to make. For example, in some cases, you may wonder whether you need to complete a transfer of operating authority or simply report a name change. We’ll explain what the difference is between the two and what’s necessary to either transfer operating authority or do a name change.
What is a transfer of operating authority?
A transfer of operating authority is required when you have made a change to the management, ownership or control of your company but you need to keep the same MC number you currently have.
When is a transfer of operating authority required?
A transfer of operating authority is typically required when operating authority is being transferred to a different person. For example, if you are transferring operating authority to a non-related person or a non-immediate relative, such as a cousin or aunt, a name change won’t be enough, and a transfer of authority will be required.
When is a name change adequate?
Reporting a name change is appropriate whenever you are adding or removing the names of specific people from the operating authority records when circumstances change, such as in marriage, divorce, and death. Some of the most common situations in which you may be able to report a name change instead of transferring operating authority include:
- Adding or deleting a sibling
- Adding or deleting a child
- Adding or deleting a husband or wife
- Deleting an existing LLC/corporation partnership
- Deleting an existing partner
You can also report a name change instead of a transfer of operating authority when you are changing the company’s official name but not its ownership.
What is required to report a name change?
When reporting a name change, you may need to provide specific documentation to support the change you need to make. For example, when adding or removing a sibling or child, you will need to submit a notarized letter. A notarized letter is also required to remove an existing LLC/corporation partnership or an existing partner. If you are adding or removing a husband or wife, you will need documentation of the change in circumstances, such as a marriage license, divorce certificate, or death certificate.
You can complete the required report online, using a web form, by fax, or by mail, depending on your preferences. In most cases, the name change will be completed within seven business days of the Department of Transportation receiving all of the required information.
What if I am still not sure?
If you still aren’t sure whether your situation requires a report of a name change or a transfer of operating authority, the easiest thing to do is to call the Department of Transportation and discuss the specifics of your situation.
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