putting truck in the business name?

Discussion in 'Trucks and Trailers' started by inzane, Jan 8, 2013.

  1. inzane

    inzane LawnSite Silver Member
    Messages: 2,478

    i paid off my 07 silverado today, finally.. :weightlifter: Is there gonna be any advantages or disadvantages of having it put in my business name?? i've been planning to get it into the business name as soon as it was paid for.
  2. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Messages: 3,465

    All depends on what state your from. some cases you can title it over. In NY I would have to get it appraised first then re register it ,then pay sales tax on the value of it.
  3. show-n-go

    show-n-go LawnSite Member
    Messages: 232

    Might be better to sell it to your business, have the business make payments.. Talk to your CPA they should be able to tell you what you can and can't do.
  4. jbell36

    jbell36 LawnSite Bronze Member
    from KANSAS
    Messages: 1,419

    keep in mind if it's in your business name and everything goes south or you get sued your truck can be taken from you, but not if it's in your personal name...

    would be nice to deduct payments/expenses from the business though...

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