Who owns your truck?

[Prestige-Lawncare]

For those of you (us) who are legit ... who actually owns your truck(s) ... you or your business?

[Az Gardener]

I am a sole prop so I own it all. When I was in a partnership with a much larger company we had another company that owned all the vehicles and equipment. That company leased the vehicles and equipment to the landscape company. We did this for liability reasons.

[fiveoboy01]

The pickup is in my name, as well as that darn statement that comes each month to my mailbox:)

[rodfather]

My business...then again, I own my business.

[AintNoFun]

We actually have a seperate company that owns our trucks then leases them back to our other companies, of course we own both companies...

[Lawnworks]

For those of you (us) who are legit ... who actually owns your truck(s) ... you or your business?

The trucks are in my name... if somebody sues my business/corporation... they aren't taking my trucks.

[oOTurfmanoO]

I own it all except for the F-250.

A local bank institution owns that till the middle of '07!:clapping:

[Fordsuvparts]

Our company owns most of our truck( the bank still has a few liens on them), I own a few of them and lease them to the business. We also own a tree farm and our landscaping company leases a truck and a tractor to it.

[Total.Lawn.Care]

Sole Prop here as well and I own everything. That will soon change however. When I become and LLC, everything will be in the name of the bus.

[Lawnworks]

Our company owns most of our truck( the bank still has a few liens on them), I own a few of them and lease them to the business. We also own a tree farm and our landscaping company leases a truck and a tractor to it.

What kind of tree farm do you own?

[gilatplc]

Solo prop here but the bank has the truck with my name on the statement along with the exmark but all of the other equipment is mine.:weightlifter: till I pay them off,,,,

[twj721]

my credit union they just let me drive it and do all the up keep and they are nice as long as I make the monthly payments they let me keep it .

[JJLandscapes]

Isnt it illegal to use a truck with a personal plate as a business truck?

thats what ithought but i could be wrong. Only time it would be a problem is if you get in an accident with a trailer and employees and its your fault theres a good chance your car insurance wont cover the damages right?

[topsites]

Isnt it illegal to use a truck with a personal plate as a business truck?

In more than a few states it is not, perhaps in some states it is.
You need to research this for your particular location.

Only time it would be a problem is if you get in an accident with a trailer and employees and its your fault theres a good chance your car insurance wont cover the damages right?

So long your insurance company is fully aware of the way you are using your truck, AND you have the correct 'at fault' coverage for the situation (e.g.: collision / comprehensive / etc) I don't see why there should be a problem.

[John Gamba]

For those of you (us) who are legit ... who actually owns your truck(s) ... you or your business?


The town if i dont pay the tax on it.

[Jpocket]

Everything I own is listed as Me DBA "XYZ Lawncare" or "XYZ lawncare" DBF me

[Clear-Cut]

im going to be getting a truck...if i register it under the biz can i still use it as my regular ride? Do i just add it to the biz insurance and then it is considered insured?

would it just be easier to have it under my name and then use it for the business (if that is legal in nj)?

[Lawnworks]

I don't think it really matters at all... unless you are LLC or incorporated and somebody sues you, they can confiscate the business assets, but you and your personal assets are protected. I just don't see any reason to put your business name on the title... what are the advantages?

[crab]

one advantage is building credit for you're business,for example say you some day sell said business,you've added value to you're asking price by being able to buy what you need without using say you're house as collateral.

[rodfather]

Only time it would be a problem is if you get in an accident with a trailer and employees and its your fault theres a good chance your car insurance wont cover the damages right?

They can tell ya to take a hike for sure...

[Tim Wright]

My business owns my trucks and equipment. My insurance will not allow me to mix and match.

Tim

[YardPro]

the compant owns them. If the company does not own them then the company cannot depreceate them.

[rodfather]

the compant owns them. If the company does not own them then the company cannot depreceate them.

hadn't thought of that right off...steven's right (as usual).

[John Gamba]

hadn't thought of that right off...steven's right (as usual).



I think he's the only one paying taxes:laugh:

[JJLandscapes]

In more than a few states it is not, perhaps in some states it is.
You need to research this for your particular location.



So long your insurance company is fully aware of the way you are using your truck, AND you have the correct 'at fault' coverage for the situation (e.g.: collision / comprehensive / etc) I don't see why there should be a problem.



Just giving heads up to people that might not know and need to check on it. Im pretty sure its illegal in NY. We arent even allowed technically to keep any truck with a commercial plate on the street even if its an suv or pickup.

Cop was giving me a ticket i leave my trailer and truck in the court with normal plates.. he said you arnet allowed to have work trucks on streets i said its been here for 3 years the neighbors dont care and then he ripped up the tickets and left..

[Lawnworks]

the compant owns them. If the company does not own them then the company cannot depreceate them.

You sure? My accountant suggested they be under my name. If anything, I can lease them to the company.

[Idealtim]

I am solo so it is kind of hard to say that my bussiness owns my trucks.

[Grits]

I asked my inusrance abou this because I also use my personal truck for my other job as a cable installation tech for a contracting company. My insurance said that I didn't need to list my truck as a business vehicle because it would already be covered with the current full coverage insurance I have. It didn't sound right to me but they assured me that is the way it is.

[Runner]

Both trucks are in my name, and both trucks have to be covered under commercial insurance, here.

[J&R Landscaping]

Sole Propiritory here, the truck is in my name.

[spazfam]

Our trucks are owned by our other company and leased to our Landscape company.

[YardPro]

hadn't thought of that right off...steven's right (as usual).

are you being sarcastic??????
:hammerhead:

[YardPro]

You sure? My accountant suggested they be under my name. If anything, I can lease them to the company.

i would get a second opinion about that.
If YOU own the truck and lease it to the company, then you have to claim the income from the lease on your personal taxes. those could very well cancel each other out... but i am a not an accountant...

also if you lease them to the business the business can only write off the payment , not the total cost of the vehicle.

[Dunn's]

Our accountant has always informed us to purchase vehicles in our name. Unless they are brand new when we purchase them. Also comercial insurance was a little over $4,000.00 a year per vehicle if I drive and more if employee's drive more and the depreciation wasn't worth the price difference of 3 grand more per year. also a good business insurance policy will cover personal vehicles when being used for the business.

[paponte]

Think it really depends on the legal structure of your business. I am inc. so the company owns the trucks technically, but normally the owner or president has to give a corp. guarantee. So who really owns the truck? On paper the company, but don't pay it and they are coming after you personally.

A company truck has to be registered commercially. In order to do that you need proof of a business. Don't get caught using a truck comm. with regular plates, and better not have nay employees driving it either. Most commercial policies cover the actual vehicle rather than the drivers themselves. While regular insurance is different.

[YardPro]

Our accountant has always informed us to purchase vehicles in our name. Unless they are brand new when we purchase them. Also comercial insurance was a little over $4,000.00 a year per vehicle if I drive and more if employee's drive more and the depreciation wasn't worth the price difference of 3 grand more per year. also a good business insurance policy will cover personal vehicles when being used for the business.

that is outrageous for insurance.......

we have all new, or relatively new vehicles and none of ours is anywhere near that high....

how is your company set up??? if you are DBA, then it does not matter. If you are INC, then it is a big difference.

How are you depreciating the trucks??? If you personnally buy them, then you MUST lease them to the company to get ANY tax relief from them. This lease income must then be reported on your personal return.
This will put you in a catch 22... because if you lease them to the business then they will need a commercial policy.

[SodKing]

The company owns them, I am the president of the company that owns the company that owns them ;)

Always try to seperate your personal assets from assets of the company. Your insurance may cover you to an extent but what happens when the amount of risk you are exposed to exceeds the insurance...the aggreived will then persue the entity that owns the vehicle and if you own it...bye bye personal assets...

[YardPro]

amen......
i would NEVER have an employee driving a vehicle in MY name....NEVER.

.....a trailer comes unhooked and veers into incoming traffic and kills grandma and grandkid...... parents sue YOU....
no way would i ever subject that liability to my family.

remember that most basic personal auto policies have maximum bodily injury caps of about $30-50K, and cumulative caps at about $300K

[BQLC]

I own my truck and use it for my biz

[GreenN'Clean]

I own my Truck.

[Dunn's]

We are LLC and just wondering how much do you all pay for your business insurance.

[parkeeee]

For those of you (us) who are legit ... who actually owns your truck(s) ... you or your business?


I own my truck and all equipment.