100% get an LLC started. Extra level of insulation from liability. My strategy is to place titles in my holdings LLC and lease them to my Operating LLC, which runs the rental. So much liability in rentals, why not protect yourself. Good insight on the branding of vehicles as rentals. Holdings LLC is an "asset management" company. Tax write-offs and depreciation are huge incentives when starting. LLCs are so easy to create.
Do i form Holding company first and buy a car then lease it to my LLC Turo? if get sued wouldnt they sue my holding since its under the holding company name?
I was told that doesn't matter if its one car or more, its a good idea to protect yourself with an LLC so that they don't come after your personal stuff. Is that incorrect?
I agree its good to have the llc for many reasons even if its just one car. If you're testing the waters with one o two trips you should be fine. Having your own business will always work out better in the end:)
Hello, thanks for this video. What about rental car business names ? What are the dos and donts of picking a business name? And also can we get business auto loans to fund getting the cars?
Business auto loans have higher rates and may still ask you to back the loan. Find cheap loans first, create some cash flow, prove out your system, build some credit history for your business, and expand when you're confident your system is working.
Names can be anything you want, just check to make sure you aren’t using someone else’s. As far as loan yes you can do this just know the insurance can get tricky. Especially if you have to use it within the first two years
When setting up the LLC it ask what type of business entity being established, which entity do we fall under? Also do we need to file any other licenses?
Hey Cornell. I'm not an expert, I would say its a car rental and you shouldn't need any other lic. with Turo. As always Check with your CPA and use one of the professional services that will cover you completely. Everything I went over was what worked for me.
So just to be clear, you can still have a non commercial account where you use Turo's insurance, but the listed cars are registered under the LLC, so the license plates on the vehicles belong to the LLC and not the personal name..correct?
You can do it as a car rental I just didn’t since I was trying to accomplish something else with my llc. By the way it’s not mandatory you have an llc for turo;) hope this helped
Ic, thanks. I registered my llc with e-commerce intentions but I really want to do this as side income for the business. Btw turo able to pay your llc with 1099 under business right? Also, last question, how about insurance? I’m thinking metromiles since the car just sitting there when not being rented.
Thank you for the info, definitely starting the business with renting cars and getting a LLC but my question is, whenever I have my LLC done and ready, the account for Turo, goes under my name or the company? How would it work? Thank you!!!
Ya starting off to see if you like it I wouldn’t worry about the llc. Asset protection is good but if the cars are under personal name and running in the business you start breaking the coverage umbrella
You can use things like waves accounting(free) or quick books and basically write yourself a check/payroll. Get with your CPA and see what you can write off and what will work best for you. You might file under a C or an S Corp. all depends what works for you
So I’ll start by saying I’m not a tax or financial advisor. Just and average Joe…. There are advantages to having a business for it but not needed to get started.
So I’ll start by saying I’m not a tax or financial advisor. Just and average Joe…. There are advantages to having a business for it but not needed to get started.
Hi Stephen, when you register your car on Turo, do you use your own name or your LLC name? Also do you use Turo’s insurance or you use the commercial insurance for rental car companies?
I was wondering how much would you charge for 30 minutes to answer a few questions about this Business. My Brother and I would like to buy a Car and start very soon. Please let me know thank you.
I'd love to do a zoom call with you. I've set up an LLC for my Turo account and want to change banks to Chase but also want to pick your brain if your up for it. Started Turo with one car 10/2021 and now I have 3.
Sadly I think you would have to sell them to the business. It kinda of sucks because now you’re pay a sales tax on them. You know Uncle Sam won’t be to happy of you just gifted 5 cars to a business:/ I love the year drop renting btw that’s awesome, it’s the route I was looking out here. It’s nice since just about anything can pull it
Stephan womack tell me how or who you called. I got farmers to insure 2 porsches but for 12k a year. My personal insurance is only 3k. I got the financing approved through my llc.
My wife got the LLC under her name, and I am the one who has turo account I will be receiving the 1099. how would I file taxes under my wife business ?
Take it all to your tax guy, like I said I’m not even close to knowing enough to give tax advise;) if you’re doing one of the self filing programs I believe it will give an option to have someone look over it.
100% get an LLC started. Extra level of insulation from liability. My strategy is to place titles in my holdings LLC and lease them to my Operating LLC, which runs the rental. So much liability in rentals, why not protect yourself. Good insight on the branding of vehicles as rentals. Holdings LLC is an "asset management" company. Tax write-offs and depreciation are huge incentives when starting. LLCs are so easy to create.
Are you in California? The cost here is $800 each year for each LLC.
Which NAICS code did you choose when setting up LLC?
Do i form Holding company first and buy a car then lease it to my LLC Turo? if get sued wouldnt they sue my holding since its under the holding company name?
If you already bought a car for turo and you plan on getting LLC very soon, is there a way to transfer that car into the LLC?
Did you find an answer to this question?
We all need this answer.
I need this answer please
I was told that doesn't matter if its one car or more, its a good idea to protect yourself with an LLC so that they don't come after your personal stuff. Is that incorrect?
I agree its good to have the llc for many reasons even if its just one car. If you're testing the waters with one o two trips you should be fine. Having your own business will always work out better in the end:)
Great video looking to move to Arizona soon big tips on that
Nice get ready for the heat!!!
Hello, thanks for this video. What about rental car business names ? What are the dos and donts of picking a business name? And also can we get business auto loans to fund getting the cars?
Business auto loans have higher rates and may still ask you to back the loan. Find cheap loans first, create some cash flow, prove out your system, build some credit history for your business, and expand when you're confident your system is working.
Names can be anything you want, just check to make sure you aren’t using someone else’s. As far as loan yes you can do this just know the insurance can get tricky. Especially if you have to use it within the first two years
When setting up the LLC it ask what type of business entity being established, which entity do we fall under?
Also do we need to file any other licenses?
Hey Cornell. I'm not an expert, I would say its a car rental and you shouldn't need any other lic. with Turo. As always Check with your CPA and use one of the professional services that will cover you completely. Everything I went over was what worked for me.
I am going to use travel tourism
So just to be clear, you can still have a non commercial account where you use Turo's insurance, but the listed cars are registered under the LLC, so the license plates on the vehicles belong to the LLC and not the personal name..correct?
Do I need to have a llc to start TURO?
hello, can we set up a consultation?
appreciate the enlightenment greatly king
If I bought a car under my personal name and financed it, can I transfer it to an LLC?
Good question, i wanna know the answer as well.
Thanks a lot
For setting up LLC what category should we put as business on turo?
You can do it as a car rental I just didn’t since I was trying to accomplish something else with my llc. By the way it’s not mandatory you have an llc for turo;) hope this helped
Ic, thanks. I registered my llc with e-commerce intentions but I really want to do this as side income for the business.
Btw turo able to pay your llc with 1099 under business right?
Also, last question, how about insurance? I’m thinking metromiles since the car just sitting there when not being rented.
Did you start with one vehicle for your LLC?
since you're cosigning the bank account at first for the business, when does that part end when you are not individually responsible anymore?
Thank you for the info, definitely starting the business with renting cars and getting a LLC but my question is, whenever I have my LLC done and ready, the account for Turo, goes under my name or the company? How would it work? Thank you!!!
You can do it under the name of the company
Thanks ! Do we need a name in Specific with the LLC to be a Turo host ?
Not at all, you don't have to have an LLC to be a host either. just one way people try and protect themselves a little more
Really no tax benefits to an LLC. Little bit of asset protection though
Ya starting off to see if you like it I wouldn’t worry about the llc. Asset protection is good but if the cars are under personal name and running in the business you start breaking the coverage umbrella
Great info. When it comes to paying yourself through llc, how is this done? Thanks!
You can use things like waves accounting(free) or quick books and basically write yourself a check/payroll. Get with your CPA and see what you can write off and what will work best for you. You might file under a C or an S Corp. all depends what works for you
Hi sir and thank you for these helpful videos. What do you think about registering a company in a different state that favorable tax and law wise?
So I’ll start by saying I’m not a tax or financial advisor. Just and average Joe…. There are advantages to having a business for it but not needed to get started.
So I’ll start by saying I’m not a tax or financial advisor. Just and average Joe…. There are advantages to having a business for it but not needed to get started.
Hi Stephen, when you register your car on Turo, do you use your own name or your LLC name? Also do you use Turo’s insurance or you use the commercial insurance for rental car companies?
Currently they are listed under my name, and I use Turo's at the moment
@@stephenwomack3776 Just to follow up with the questions asked above. Are you cars registered in your name or the LLC?
what's happening with tickets that customer get , does go on your record ?
If it’s a moving violation it’s on the renter, if it’s something with the car it’s on you
I was wondering how much would you charge for 30 minutes to answer a few questions about this Business. My Brother and I would like to buy a Car and start very soon. Please let me know thank you.
SGNCars.as.me/
let me know if these times work
@@stephenwomack3776 I just signed up for tomorrow, how much do you charge for your advise for 30min?
I'd love to do a zoom call with you. I've set up an LLC for my Turo account and want to change banks to Chase but also want to pick your brain if your up for it. Started Turo with one car 10/2021 and now I have 3.
I’ll reach out
Alison! I’d love to speak with you if you are available. You seem to be a couple steps ahead of me and I’d love to ask a couple questions please!
What if I’m at 2 cars want expand just not gonna expand super soon but soon would the llc be worth it ?
I personally think it’s worth it, get with your CPA for any tax benefits. LLC is not a much by any mean so if you don’t have one. Don’t sweat it
Hello, I bought 5 vehicle under my name, all paid off, how would I move them over to my LLC?
Sadly I think you would have to sell them to the business. It kinda of sucks because now you’re pay a sales tax on them. You know Uncle Sam won’t be to happy of you just gifted 5 cars to a business:/
I love the year drop renting btw that’s awesome, it’s the route I was looking out here. It’s nice since just about anything can pull it
You could have your LLC rent them from you.
Where do you get auto insurance for a vehicle under your llc?
Awesome job 👏
Thanks 😁
What insurance do you have on the LLC cars when they aren’t rented to protect against natural disasters, theft, damage, etc
Im able to have it with Liberty Mutual
Stephan womack tell me how or who you called. I got farmers to insure 2 porsches but for 12k a year. My personal insurance is only 3k. I got the financing approved through my llc.
Appreciate the info, do you have any perks on having a LLC through Turo? Write offs tax deductions etc etc
There are perks, not really with Turo themselves but tax perks. Deff get with your CPA for this
My wife got the LLC under her name, and I am the one who has turo account I will be receiving the 1099. how would I file taxes under my wife business ?
Take it all to your tax guy, like I said I’m not even close to knowing enough to give tax advise;) if you’re doing one of the self filing programs I believe it will give an option to have someone look over it.
@@stephenwomack3776 thank you man! Yes we do turbo tax
Haha taxes not my favorite subject either
@@zouhir9468 same here, I know what I don’t know…taxes are one of those things I need work with lol
hes to pessimistic