Vehicle Title Purchase With Llc
Description
How to fill out Affidavit By Heirs Regarding Agreement As To Who Shall Inherit Motor Vehicle - To Obtain Transfer Of Title?
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FAQ
Yes, it is perfectly legal to ?gift? or sell a car to a person for no money. That person may have to answer a few questions at the DMV regarding sales taxes, but it is perfectly legal in the United States.
One of the best reasons to buy a car under an LLC is liability protection. For example, if an accident involving your LLC's vehicle were to cause injury or property damage, the business's liability protection can prevent you from personally having to pay legal or medical fees.
Can you sell a car for $1? In short, yes. But while selling a car for $1 will allow you to avoid capital gains and gifts taxes, the recipient of the car will have to pay whatever rate of sales tax your state charges on used vehicles when they transfer the title.
This answer was written by one of our trained team of researchers who validated it for accuracy and comprehensiveness. Yes, it is possible to buy a car with an EIN number, you just need to be sure to clarify with the sales team that this is your intention.
It is possible some lenders will allow you to refinance a vehicle under an LLC. They mostly likely will still require your personal guarantee on the debt and you don't really accomplish anything putting your car in your LLC, but it could theoretically be done.