Comments on: How do i transfer newly purchased vehicle to my newly formed llc? http://www.llcvsscorp.org/how-do-i-transfer-newly-purchased-vehicle-to-my-newly-formed-llc/?utm_source=rss&utm_medium=rss&utm_campaign=how-do-i-transfer-newly-purchased-vehicle-to-my-newly-formed-llc LLC vs S Corp - Learn The Difference Between LLCs And S Corps, And How Making The Right Decision Can Save You Thousands Fri, 10 Feb 2012 20:09:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: jerry-the-bookkeeper http://www.llcvsscorp.org/how-do-i-transfer-newly-purchased-vehicle-to-my-newly-formed-llc/#comment-2631 jerry-the-bookkeeper Mon, 02 Jan 2012 14:48:19 +0000 http://www.llcvsscorp.org/how-do-i-transfer-newly-purchased-vehicle-to-my-newly-formed-llc/#comment-2631 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 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

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