How do i transfer newly purchased vehicle to my newly formed llc?
Posted on Dec 30, 2011 with Comments 1
Kenneth H asked:
I purchased a new vehicle under my personal credit for my buisness, recently i formed an llc. How do i transfer this vehicle into my new company
Marcia
I purchased a new vehicle under my personal credit for my buisness, recently i formed an llc. How do i transfer this vehicle into my new company
Marcia
Filed Under: Small Business
If the vehicle is paid for just contact the Department of Motor Vehicles and obtain the necessary forms.
If it was purchased with a loan you will have to get the permission of the lien holder before contacting the Department of Motor Vehicles.
From a federal tax point of view, assuming you have a single member LLC, it doesn’t make much difference whether you own the vehicle and use it for business purposes (in which case the mileage related to business use is deductible) or the business owns it (in which case mileage related to personal use is taxable).
Hope this helps
Jerry-the-bookkeeper