How To Register A Business Vehicle

There may be special forms and registration fees you ll need to provide to your state motor vehicle agency.

How to register a business vehicle. The paperwork and fees required to register a business vehicle vary slightly from state to state. So you should sell your car instead of trading it in if the sales price is less than your adjusted basis. You can get the application at your local dmv. Failure to register your business could expose you to liabilities arising from the use of a business name owned by someone else and loss of business due to confusion. Contact your insurance company and let them know that you plan to transfer your vehicle s title to the llc.

Enter the selling price and mileage. Ask the buyer to fill out his section of the car title and sign. You can apply to register these by completing a non vin vehicle form form mr2b and presenting it to a registration agent. If you have an outstanding loan on the vehicle contact your lender. The above example assumes you use the car 100 percent for business.

If you want to register a vehicle with a branded title abandoned vehicle title or a salvage title be sure to contact your state dmv motor vehicle agency before visiting your local office. A loss on the sale of a business vehicle is good tax wise because you can deduct it from your other income. The llc may have to purchase a business policy which may have higher premiums than your personal policy. Be sure that the llc is named as the insured on the policy. You will need to follow the requirements of your state province or jurisdiction to register your vehicle locally.

First find out if your vehicle counts as a commercial vehicle in your jurisdiction. Each state has a tag and title application you must complete to register your vehicle with the state. Vehicle title or certificate of origin. Provide him with the title so that he can now register the company vehicle in his own personal name. Fill this out using your business s name and ein to register the vehicle in your business s name.

There are many advantages to registering your business including being able to open bank accounts for your business securing your business name and enjoying protection under the law. Registering a commercial vehicle is a complicated process. Selling a business vehicle. For example in the state of north carolina the following 2019 paperwork and fees are necessary. In any state be prepared to offer proof of insurance as well as identification for you and your business.