 Buying a car for LLC? (by Mike [TN]) Feb 3, 2012 7:16 AM
 Buying a car for LLC? (by BRAD 20,000 [IN]) Feb 3, 2012 8:39 AM
Buying a car for LLC? (by Mike [TN]) Feb 3, 2012 9:37 AM
Buying a car for LLC? (by S i d [MO]) Feb 3, 2012 10:47 AM
Buying a car for LLC? (by BRAD 20,000 [IN]) Feb 3, 2012 7:04 PM
Buying a car for LLC? (by Mike [TN]) Posted on: Feb 3, 2012 7:16 AM
Message:
I need a new car soon. I was wondering if I should put the car title into my LLC or not?
What are the advantages and disadvantages? Anyone did that before?
--198.51.xxx.xxx |
Buying a car for LLC? (by BRAD 20,000 [IN]) Posted on: Feb 3, 2012 8:39 AM
Message:
Not with your properties. Keep them separate. Vehicles are a larger liability than RE. If you have an accident, even if some idiot hits you, they can sue for all your LLC's value.
Ambulance chasers look for people with real estate.
Keep assets in different pockets so if you get pick-pocketed by a legal beagle, they only get one pocket's worth. --50.129.xxx.xxx |
Buying a car for LLC? (by Mike [TN]) Posted on: Feb 3, 2012 9:37 AM
Message:
Hmmm, I did not think about the liability issue. I was thinking that I could deduct the car payment but that would not be good enough if they can sue and get my RE balue.
Thanks for the information. --198.51.xxx.xxx |
Buying a car for LLC? (by S i d [MO]) Posted on: Feb 3, 2012 10:47 AM
Message:
Mike, if you want to deduct the vehicle as a business expense, you can do that even if it's not in the LLC.
If it's used exclusively for business, you can depreciate it on a MACRs schedule as you would with any business assets, and you can also write off the insurance, maint, repairs, and fuel as yearly expenses.
Otherwise, if you use it for mixed purposes (personal and business), you would probably find it easier to just track mileage when used for business. Get a 50 cent notebook at WalMart to store in your glove compartment. That's what I do with my "business vehicle," a 1999 Camaro that can hold a 22' "Little Giant" ladder plus a tool chest and 8 boxes of Allure. --208.70.xxx.x |
Buying a car for LLC? (by BRAD 20,000 [IN]) Posted on: Feb 3, 2012 7:04 PM
Message:
Mike, just set up an LLC for vehicles, tools, etc. $88 set up fee in Indiana.
Sid - made me laugh! Mine is probably the only red Porsche running around with a hammer and box of nails in the back "seat". Was helping Wifey hang staging pix. --50.129.xxx.xxx |
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