How To Buy A Car In Your Business Name [STEP-BY-STEP]
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- Опубліковано 2 жов 2024
- Buy a car in your business name. We're walking through the steps, should you lease or finance, and insurance. Whether it's for Turo or to meet clients, here's a guide to using your business to purchase a vehicle.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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What is the Credit Score for the PG
Do I need a website.
Do I need to register my business with the secretary of state
Still don’t know how to buy a car in my business name but thanks 😂
Lmfao
This comment just saved me 7 minutes
I have options where I can buy vehicles for the low…. I’d use my personal money to invest and purchase…. No leasing or bank loans needed bro. I purchased two motorcycles for our racing team for promotional marketing and mobile advertisement. Sold all my extras and fun stuff to buy the two bikes, now I rent them for music videos, photoshoots and photography set ups.
Awesome explanation. Thank you so much for your knowledge and sharing. It's been super helpful. Direct and to the point. Thank you, thank you, thank you.
Value packed information in less than 10 mins. Excellent job on this video. TY!
you are the only man online to give real info on how to do this..thanks for the no nonsense info.
If you are just paying for a car cash, do you use business funds from business checking account or do you use personal checking account and then depreciate the vehicle? Particularly looking at trucks.
I’m wondering the same thing
Business funds
Thank you for this video...I will follow your advice when I purchase me business vehicle
if you already had an ein you can call to recover that ein and add additional businesses to that ein with some restrictions. this is good if you had a business and dropped it then started a new business later, or you have multuple businesses. research everything, dont take my word for it.
Super helpful! This is the first video I've watched that gives clear step by step instructions! Thank you!
I never heard of DUNS, but I knew the rest. That means I learned something new! Makes this video great by default! Thanks for the great information!
Glad it was helpful. Thanks for watching.
Thanks. Great info
When you finance can you write off the payments. I’m a CDL driver that started my logistics business. Will be getting a tractor and new vehicle next year.
You would take the Section 179 deduction and depreciate the truck over 5 years if you buy it. If you lease it, you deduct the payment.
@@rumrunner6661 thank you
@@rumrunner6661 could u explain this more in-depth
I’m literally doing the same. I started my logistic company in 2021
@@takesquad7197 congrats 💪🏿
What he explained is how to structure your your business but didn't explain steps to purchase the vehicle
🤦🏾♂️
Came just looking for general info and ended up filling for a DUNs number, something I hadn't heard of until now. Automatic like & subscribe. Thanks!
Love that this knowledge is coming from a black man ! #LETSKEEPITUP
This question may have been asked before, but I'm asking it again. At 4:38 you say ask that a lender does not report to your personal credit unless you default. Well, if you default, don't they have to do that anyway? If they are going to do it anyway, why ask them anything?
I have good credit, and I know I will have to use my personal credit to qualify for buying a vehicle in my business name. But, that still requires a lender to "ding" your credit score right?
Ty 👑 positive vibes your way
Informative but i left with more questions
This guy is legendary NO CAP
Great info here thank you
Love how he explained it. He made it sound so easy but is it really that easy?
No
Dinner and LYFE Accounting...Life is good!
It's a vibe!
facts
So many helpful videos!
Great information 👌
Can I take a paid off car that’s in my name, register it in the business name and take deductions that way also?
I believe so. longs its getting use for business
Hell yeah! Best place to put paid off property is to put in a trust
If you still use the company vehicle for personal use, can you mitigate this by putting your company logo on it so that it becomes marketing? My friend suggested transferring me vehicle to my coffee business. But I still need a car for personal use too.
Also looking forward to finding out what my state says about business name registration
What do you mean “big enough business” to by pass a personal guarantee? Like what if someone’s business credit is 80-100 but their income is less than 10,000 a month? Would they still recommend a personal guarantee??
Very helpful
Thank you
OR get a business loan from the bank and go get any car you want without the hassle
Wait foreal?
Then you can’t write it off on your taxes
Thanks❤
Why am I craving thin mints after watching this informative vid?
Thanks Boss you just put me over that hump 💯💪🏿
Ight so how about this. A 1yr old business, consistant income in a checkings acct with $10k. DnB score 70, Business Experian is 50, business Equifax 400… is it possible to get a car in ya business name WITH them checking your score???
Thank you so much for this! What are your thoughts on selling your personal car to you LLC, would it be easier potentially?
Wanna know this too
If the car is registered under the name of your business will that cause issues with your personal insurance if its under your personal name?
love this video. if i financed a car in my own name june2021 but i am self employed would i be able to switch the car over to my actual business name for 2022 once i get an LLC?
That’s called transfer of equity
Why is it when I'm looking for a straight answer? I get a book. Just simplify it.
I just spoke to Quill yesterday 1and they no longer report
This was a lot of information, but this is not a how to video
Do I have to put in a business address if I'm just starting and don't have a physical location, or if I want to open an online or mobile business? Thanks.
This was so helpful thank you
Thanks for this video.
So it is better to have a bussiness vehicle under bussiness name? Or owned by individual yet used for bussiness?
Also would really appreciate a detailed video on health reimbursement account/arrangement.
And lastly forming partnership with wife and or other family members and how to get them paid and contribute to their retirement?
Thank you
"All of the miles" or only miles while you are working ie not mileage driving to work
I knew the EIN number was free and didn’t listen to myself 🤦🏾♀️ Keep kicking myself for it but it’s done now.
I am in the market for a new car. I want to set up an LLC and start a business very soon. Should I wait to buy the car until my LLC is set up?
Thanks
You're welcome, Carolyn!
shirtsy is a tradeline that i can use on my personal credit as well?
I’m from mass and I lost my drivers license. I own a construction company and have a work trailer. Can I register the trailer and get plates for the trailer in my company’s name. Even though I don’t have a drivers license?
So sole proprietors can’t write off a car in taxes ?
To write a car off, do the the business have to make a certain amount of income for the year?
No, but a net operating loss can be carried forward to future years.
Thank you so much for such clear explanations!
This might be a dumb question, but what if I want to put a personally owed and paid vehicle in my buisness name? Do these steps apply?
What about business credit cards do they report to personal or business credit bureaus? I.e. chase cap1 citi etc
Does taking a car out in your business name build credit at all ?
Thank you so much for this information!!! Now to set up my trade lines.
Hey how I can check my credit score of my bussines ??
im about to register my LLC in Georgia, I'm a therapist. do I have to do incorporated?
You have such helpful videos! Could you do a segment on creating a philanthropic arm for an S-corporation - Advantages and Disadvantages?
What is the website for Dun & Bradstreet?
How long after signing up with the net30 accounts can we purchase a vehicle?
Didn’t work tried this
What about paying cash for a car in your business name ??
In that case, it is as easy as paying cash and registering the vehicle in your business. No other steps necessary.
Great afternoon, LYFE Accounting family! Once again, y'all are right on time with this one... Thank sincerely 👍
Thanks for your comment, R.E. Glad it helps!
He won't tell u that u already have a buisness and that is you CESTUI QUE TRUST worth millions of dollars ( $ ) ever recognize your ALL CAPS NAME ON ANY OF YOUR BILL DOCUMENTS etc?
Commercial auto insurance is a video by itself....so expensive
The way you end every sentence on the same tone is maddening. JFC.
My business name is my name. I purchased my vehicle for my business. Can I switch it into my business name?
That’s what I wanna know because I already have my personal car and I want to switch it under my business name
4:40 what if they tell you “No”? What would be the rebuttal?
Hey Keran,
i don't know how often you check comments, but i had a question. Instead of getting a business auto loan to get a vehicle in your business name; Can't you simply get it under your personal name but transfer it to your LLC? Or get a personal loan either from a bank or dealership but register it in your name?
thanks
All this info for free thank you💜🤑
You're so welcome! Someone has to do it!
is this for business in uk or usa
Ive had my LLC for about 6-7 months and already established a 80+ paydex score can I go & finance a vehicle without a pg?
This is absolute Knowledge! Thank you as always... 👍
Amazing explanation!!! Thank YOU :)
how do i lease a car in New York if my llc is in Florida? I currently live in New York but my business is in Florida . 🙇🏽♂️🙇🏽♂️🙇🏽♂️
If you have no business credit, then you have no choice but to have your personal name on the loan, title, and registration. You can have your business as well, but your personal name and credit do not go away.
Can you do a video on deductions for a gig 1099 sole propriety driver
Can I still take advantage of tax benefits if I buy a vehicle under my name instead of business? Will be used 50/50
What if I have an llc with the registered agents address for my mailing. What address would I use to register a vehicle if purchased under my business name?
This way you should expect to spend 500k to build 50k credit line 😂
Can i convert my business into an LLC? Or would I have to apply for an llc specifically?
I never had a car.
So are they running my credit?
So since I’m a new real estate agent I am able to get a mustang and have some tax deductions ?
As long as you use it for business, you can take advantage of business tax deductions ;)
I am interested in purchasing a Model x for my business. However, I am slightly confused about leasing vs financing in my business name. If I finance the vehicle, am I still able to accelerate depreciation? If I lease the vehicle, can I only use the annual cost of leasing and not total vehicle value? I hope this makes sense lol
With Leases your only tax advantage is to write off the entire monthly note.
If you finance you can write off the entire vehicle in the year placed in service
I’m just gonna say bro, this video was dope and so informative. NEW subscriber! Thanks again
Can I use a virtual address for duns app ?
Yes
What about a vehicle that I have in my personal name, that I want to transfer to my business?
You can transfer the title or simply create an agreement between you and your business.
@@LYFEAccounting would you have a template or something with the LANGUAGE to make said agreement??
I did everything except for step 5. Should I not apply for a car? I was going to apply in a few days🥴
What if u have a full time job and.ur bizness is more of a side hustle. Do u have to sperate the expenses/mileage for what is used for ur job and what is used for business.
I was like this guy looks familiar. Great video. I hope you continue to be blessed!
Im sole...How can I change to incorporated?
Does the money for the car have to come from businesss revenu? Or can I use personal money
When you write off the mileage you only get credit for your miles,
do I need a new ein for a new business ?
Can you write off a car that is used for business that is purchased from a smaller dealership that doesn’t require personal credit but maybe just a signed guarantee that it’ll be paid back as long as it’s in my business name?
I haven't heard any good things about shirtsy.