How to Place a Vehicle Under Your LLC

Introduction

• Explanation of the process to place a vehicle under an LLC.
• Discussion of potential benefits for business purposes.

Transferring Personal Vehicle to LLC

Steps:

1. Prepare Necessary Documents
   • Vehicle's title
   • LLC's articles of organization
   • Proof of insurance
   • Bill of sale
2. Visit the DMV
   • Bring all required documents.
   • Fill out a title transfer form.
   • Some states may require notarization.
   • Submit application for a new certificate of title.
3. Pay Fees
   • Title transfer fee.
   • Additional fees for new license plates, etc.
4. Wait for New Title
   • New title will list LLC as the owner.
   • It may take a few weeks.

Considerations:

• If the vehicle has a loan, contact lender for permission.
• Lenders have different rules; may require refinancing.

Buying a Vehicle Through Your LLC

Steps:

1. Set Up Business Bank Account
   • Necessary for purchasing through the LLC.
2. Shop at Dealerships
   • Visit multiple dealerships.
   • Check for commercial vehicle departments.
3. Secure Financing
   • Evaluate loan options.
   • Lenders may check business/personal credit history.
   • Some lenders do not lend to new LLCs.
4. Purchase and Register Vehicle
   • Use LLC information for registration.
   • Bring articles of organization and proof of insurance.
5. Pay Fees
   • Registration and sales tax fees.
   • Fees for license plates.
6. Wait for New Title
   • Title under LLC's name.

Insurance Considerations:

• State may require commercial auto insurance.
• Check with state and insurance company for requirements.

Benefits of Placing Vehicle Under an LLC

1. Liability Protection
   • Limits liability to business assets, not personal.
2. Privacy
   • Vehicle registered under LLC name enhances privacy.
3. Tax Deductions
   • Easier to claim vehicle-related business expenses.
   • IRS considers many vehicle expenses as valid business expenses.

Conclusion

• Encouragement to consider placing vehicle under LLC.
• Reminder to check links and resources provided for further information.
• Invitation for comments and engagement with the content.