View Full Version : Business Truck Title
03-10-2003, 11:05 AM
I am about to buy a bigger truck for my business. The thing I am wondering about is that my LLC hasnt gone through yet with the state, just mailed my signature back to my attorney and he said it could take upwards of 2wks yet. If I buy this truck I could have it titled under my name or the business name, the problem is technically if i title it under the business name it won't be official with the state till my LLC goes through. Or does it even matter what the truck is titled under? I am going to have to go to the bank and get a vehicle loan out and I already have a checking account with them to get the loan but not a business checking account yet.
I am not to sure on all the details of title's and such, and what are the pro's and con's for putting one on a business truck.
Any help or thoughts would be great.
03-11-2003, 12:27 PM
to title the truck under yur business you ll need a tax i d number which you wil lget once your llc goes through..the tax i d number is like a social security number for your business.....id try to get all the paper work goin on everything from a commercial checking account to, the paper work on the truck, to the paper work on the insurance agents desk. dont forget if you put the truck under the business name youll need to carry commercial insurance which is more expensive then regualr auto insurance. once the number comes into you all youll have to do is supply them with the number but at least this will prolly cause them to hold the truck for you instead of selling it off to someone else/
03-11-2003, 01:45 PM
Could I legally title the truck under my personal name just to get away with the cheaper insurance costs?? Im guessing thats illegal.
I know once i get my LLC i will be getting an ID number that i can take to the bank to use for a checking account. But I wasnt sure if i could at first sign the title under my name until i get my LLC through that then i could sign it under my truck name. But what it sounds like is I'm going to need to title it under my truck to get the money, if it is intended to be used as a business truck.
03-11-2003, 02:30 PM
what is the year make and model of the truck? and if you want to put it under your name then youll have to re register it later under the business name....I doubt youll get away with non commercial plates on a dump truck but you will with anything up to 1 ton on a pick up.....also remember that you should put liabilty on your trailer at minimum incase you back it into someone or something. Some policies with trucks include trailers up to a certain amount automatically....but once you go with a commercial policy its all different. I would give them a deposit on the truck and make them sit on yur deposit until the paper work comes through. Do it once and do it right the first time and youll be happier later on.....doubt your pulling a trailer at this time of the year anyway....i think 2 weeks is not a long time for you or the dealership to wait anyways. If the dealership pressures you tell them to wait cause maybe youll come back next year and buy a fleet off them(yea right)... and if they still pressure you forget them and move onto another dealership. you can always get yur deposit back ...make sure you put your deposit on a credit card and dont give em more then $200... and make sure your card protects you against theiving dealerships;)
03-11-2003, 08:42 PM
I'm buying it from a landscape company. Talked with a friend at school who works for them and is selling a 99 GMC 3500 HD flatbed dumper gas 76,000miles, it has commercial plates on it so I would have to register it as a commercial truck because its a 1ton dumper. Great shape of truck and a good starter truck for me. Actually what I may go do is call him up and settle on a price and give him like $500 to hold it for two weeks so that when the paper work goes through I can go to the bank get the loan and buy the truck from him.
As far as the insurance goes it will probably have to be a commercial insurance on it, cause on my mowers and equipment and trailer I do have business insurance on that so I'm guessin the truck is a whole nother thing that cant be attached to the insurance i already have.
03-12-2003, 08:06 AM
You have several options. Put the truck in you name for now if you need to get it right away and then transfer title to company when paperwork is ready. Or you could keep truck in your naem and lease to company. Talk to tax advisor about which is best for taxes. As for insurance, if you're using it for commercial purposes, it will need commercial insurance regardless of who owns it. We have several vehicles that are leased to company by family members. The company insures them on the company policy no problem. Really no different than leasing from a dealership or whatever.
Gr grass n Hi tides
03-23-2003, 08:40 PM
Ask a CPA. They can tell you in about one minute what the best course to take is.
03-24-2003, 11:23 AM
Getting things settle with the truck. Well my LLC came through, now its just a matter of doing some paper work and stuff, cause as of right now I may not be able to get the money from the bank because the guy who is selling it still doesnt own it, the bank does. SO we have to get things settled out with that soon, hopefully by the end of the week I'll have the truck in the yard.
03-24-2003, 04:44 PM
BETTER HURRY UP WITH THAT TRUCK ALL THOSE CLEAN UPS ARE JUST PASSING YOU BY..
03-25-2003, 10:18 AM
Little early yet for clean-ups up here yet, I'd think next week would be the start of clean-ups. They are saying 37 and snow for the weekend so,:rolleyes: better wait till next week.
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