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Need help with the title name

Discussion in 'Business Fundamentals' started by monacom9, Nov 30, 2010.

  1. monacom9

    monacom9 Member
    Messages: 43

    Hey should i put my truck title in my name or my snow plow bussiness name it is a LLC?
     
  2. White Gardens

    White Gardens 2000 Club Member
    Messages: 2,665

    Depends.

    If you put it in your name, you can lease it to your company and use that expense as a ride off.
     
  3. got-h2o

    got-h2o 2000 Club Member
    Messages: 2,439

    If its in your name you avoid DOT too
     
  4. White Gardens

    White Gardens 2000 Club Member
    Messages: 2,665

    Gotta be careful though. You still need to put commercial plates on the truck. At least here in IL. As soon as you get in an accident the law will look at that first.
     
  5. hydro_37

    hydro_37 PlowSite Veteran
    from iowa
    Messages: 3,790

    ask your attorney and accountant
     
  6. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Yes.


    Be careful keeping it in your name ,if something happens while using that truck they maybe able to come back to your personal assets.So set up your business to protect yourself.
     
  7. basher

    basher PlowSite Fanatic
    from 19707
    Messages: 8,992

    Most commercial insurance companies require the company (LLC) name on the registration.

    Why take the protections/tax advantages of an LLC if you are not going to use them.:confused:

    Talk to the account or lawyer that helped you set up your LLC about the right path for your particular situation.
     
  8. jklawn&Plow

    jklawn&Plow Senior Member
    Messages: 469

    The research I did shows LLC only offers protection if its not a one man show. Any info on this?
     
  9. basher

    basher PlowSite Fanatic
    from 19707
    Messages: 8,992

    Often incorrectly called a "limited liability corporation" (instead of company), it is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation and it is well-suited for companies with a single owner.

    Every state has slightly different regulations, check with your accountant or lawyer to find the specific requirements for your state.