4 min in and I'm subbed! Thanks for the info. I've had my active LLC since 2012. It's time to kick into high gear. I just started a NET30 with ULINE earlier this yr. 1 goal is to purchase a vehicle under the LLC. With your advice and actions I've already taken, I'm well on my way. Thanks again.
Well you can. Financing is a bit more challenging. Buying a car cash and putting in the business name is simply going to the DMV and transferring the title to the business.
As an Uber driver, this video is very useful. Maybe you should target this video toward Uber Drivers. I am looking for the link to get an EIN online from the IRS.
2 года назад+19
If your business credit is between 80-100, Is there a recommended income per month or year that your business should be earning for the dealership to qualify you for a car? Or does it depend on the price of the car?
Hey @naam, Quick question. My wife have a business that she does over the weekend, do you recommend that she get an LLC and EIN? We are planning to purchase a model x for both personal and business. How does tax deductible work on that?
EIN yes, but LLC if needed. LLC have more cost that Sole props. She can deduct actual cost or mileage. But if she want to take a vantage of the bonus depreciation, which allows you to depreciate 80% of the vehicle. Within one year, she needs to use it more than 50%, and 100% to get the full deduction.
Hello Naam great content. Question, If you buy a vehicle under your business name and you pay it in full in 5 years or less . Can you gift it (give it tax free) to your self or any family member with out having to pay any taxes on the vehicle bill Jen registering it at the DMV? Thank you
That’s likely a legal matter for an attorney. A buddy of mine is extremely well off and likes giving things away to people but he does reach limitations. Idk the ins and out but he has a lawyer help him with these situations.
Bought a model Y in business name to build business credit and take the $7,500 incentive. I was getting denied for business credit cards in the past so I gave up on that as it was getting annoying. The process with Tesla was relatively easy. However, they do attach your name as personal guarantor. Just have all your business documents. No financial docs needed. I’m am also a sole proprietor. Might be the way to go for someone in need of a good car and a write off. I might not quality for sec. 179, but I need a write off one way or another.
@@tg3889 if you want to do it through business credit, you’ll want to have an incorporated business. If you’re personally guaranteeing the loan then I don’t think it would matter.
How old does the LLC have to be to get a car? What I'm asking is say for instance if I build a LLC was formed in a day can I get a car the next day after that ? Or do they have to look at how long the business was making revenue for a length of time ??
Could I get a car loan with my new business if I've had a business checking account for about a year or so? I've been doing rideshare for 4 years but never established an llc until this year.
Ok heres my situation. I had to buy a new work truck in my name because of a purchasing program I was using through Ford. Ford business credit has accepted my application to transfer the equity to my business name. Im a sole proprietor. However my business is only 3 yrs old and they want me to act as a guarantor for the business loan. Based on what I heard in your video, that would open me up to personal liability. Which is what I'm trying to avoid by moving it into my business name. Is this the case? If so Im unable to figure out a reason to spend more each year in property taxes. Business taxes for me are almost double. I carry commercial insurance already so thats not an issue. Please help me understand better as to my situation and what the best course of action is. Thanks.
Highly suggested you build your personal first, PG the purchase and in a year toss the PG to the corporation cleaning your obligation of liability. Have minimum of 5 TradeLines, every 3 months ask those companies for an increase. If you have a C Corp and set it up right, you can get a valuation rather than just what you got.
My sister wants to purchase a vehicle under her LLC for me. How can she give ownership of the vehicle to me during the purchase ? Or 50/50 ownership equal rights
Do those companies like uline(hard inquiries) on your business credit report. Do lenders have rules when it comes to hard inquiries on your business credit
@@HMJKS2000 courthouse was able to help me, iirc you only need to have your business name on the title. But they just told me what to change to make it right.
@@craigmilner910 I just opened an llc and am getting offers from clients for work. But it requires driving. I'd prefer to get a business car if it's possible. But I'm just getting started w work. Any suggestions?
Would you still be able to get tax deductible at the end of the year if you purchased as a personal then transfer to your business, even though the car still have a personal loan on it?
So my business is ran different from others. My company is a real estate investing company that helps other investors find properties for a fee. So for every fee it’s an unlimited amount I can make so 5-20k but besides that.. just say I want to buy the car in cash would it be any different? Or do you think I should just do a owners draw and buy it in my personal name in that case?
For something like Turo, what Naics code should you use for the LLC? 532111 is Passenger car rental. This is not in the high risk category, but may still be considered a risk by some lenders. Should I use a different Naics code so I am not considered a risk in order to get business financing?
4 min in and I'm subbed! Thanks for the info. I've had my active LLC since 2012. It's time to kick into high gear. I just started a NET30 with ULINE earlier this yr. 1 goal is to purchase a vehicle under the LLC. With your advice and actions I've already taken, I'm well on my way. Thanks again.
Excited to be in similar boat may your business be blessed and fruitful for generations to come
Did you got the car?
ERRAH BROTHER, KEEP PUTTING OUT GREAT CONTENT.
why doesnt any youtuber talk about buying a cash car in business name? only talk about financing smh
Well you can. Financing is a bit more challenging. Buying a car cash and putting in the business name is simply going to the DMV and transferring the title to the business.
Love this
As an Uber driver, this video is very useful. Maybe you should target this video toward Uber Drivers.
I am looking for the link to get an EIN online from the IRS.
If your business credit is between 80-100, Is there a recommended income per month or year that your business should be earning for the dealership to qualify you for a car? Or does it depend on the price of the car?
The only question I’m looking for
@@kenzellio real talk. i still haven’t found a video that answers this
As a sole proprietor can I purchase the vehicle and write it off at the end of the year?
Yes
Hi Naam if you are a co singer does it report on your business side or personal side
If you are a co signer it would report on the personal side
Hey @naam,
Quick question. My wife have a business that she does over the weekend, do you recommend that she get an LLC and EIN? We are planning to purchase a model x for both personal and business. How does tax deductible work on that?
EIN yes, but LLC if needed. LLC have more cost that Sole props. She can deduct actual cost or mileage. But if she want to take a vantage of the bonus depreciation, which allows you to depreciate 80% of the vehicle. Within one year, she needs to use it more than 50%, and 100% to get the full deduction.
Hello Naam great content.
Question,
If you buy a vehicle under your business name and you pay it in full in 5 years or less . Can you gift it (give it tax free) to your self or any family member with out having to pay any taxes on the vehicle bill Jen registering it at the DMV?
Thank you
That’s likely a legal matter for an attorney. A buddy of mine is extremely well off and likes giving things away to people but he does reach limitations. Idk the ins and out but he has a lawyer help him with these situations.
If you buy a vehicle under your business name you can write it off at the end of the year , as well as the expenses
Yes. Get the MSO, put the vehicle in your private trust
What happens to business vehicles if an owner decides to close down his business, does the owner just keep them for personal use?
Can you elaborate on luxury vehicles? The IRS verbiage i’ve seen only refers to passenger cars.
What are the requirements for a newly formed LLC business to start thinking about leasing or buying a car under the business name?
@@RainaRaybands You're going to have to make sure you have your EIN, an then start building business credit as soon as you can.
You're going to have to make sure you have your EIN, an then start building business credit as soon as you can.
What is the approximate time frame or tier level you can purchase a vehicle in your business name?
@@cococajI'd like to know as well
Please respond , thx so much
Bought a model Y in business name to build business credit and take the $7,500 incentive. I was getting denied for business credit cards in the past so I gave up on that as it was getting annoying. The process with Tesla was relatively easy. However, they do attach your name as personal guarantor. Just have all your business documents. No financial docs needed. I’m am also a sole proprietor. Might be the way to go for someone in need of a good car and a write off. I might not quality for sec. 179, but I need a write off one way or another.
So when he says that you have to be a LLC, LLP, or Corporation. That wasn’t true?
@@tg3889 if you want to do it through business credit, you’ll want to have an incorporated business. If you’re personally guaranteeing the loan then I don’t think it would matter.
How old does the LLC have to be to get a car? What I'm asking is say for instance if I build a LLC was formed in a day can I get a car the next day after that ? Or do they have to look at how long the business was making revenue for a length of time ??
It won't take you a day the steps in the video it might take you a couple of months that's if you have a good credit score
If I establish my credit to an 80 within 6 months can I apply for a car loan with just using my business name/credit?
How did you do this?
What about having bad personal credit?
GOD !!! ❤THIS GUY IS SO FREAKIN HANDSOME 😂love his content 💯
I want to purchase a truck in my business name. 💯
Could I get a car loan with my new business if I've had a business checking account for about a year or so? I've been doing rideshare for 4 years but never established an llc until this year.
Yes follow the steps in the video and setup the business properly and you should be good especially if that's your main source of revenue
Ok heres my situation. I had to buy a new work truck in my name because of a purchasing program I was using through Ford. Ford business credit has accepted my application to transfer the equity to my business name. Im a sole proprietor. However my business is only 3 yrs old and they want me to act as a guarantor for the business loan. Based on what I heard in your video, that would open me up to personal liability. Which is what I'm trying to avoid by moving it into my business name. Is this the case? If so Im unable to figure out a reason to spend more each year in property taxes. Business taxes for me are almost double. I carry commercial insurance already so thats not an issue. Please help me understand better as to my situation and what the best course of action is. Thanks.
Do you have to finance a vehicle in your llc ? Can you pay cash and write it off 100% through your business.
Highly suggested you build your personal first, PG the purchase and in a year toss the PG to the corporation cleaning your obligation of liability.
Have minimum of 5 TradeLines, every 3 months ask those companies for an increase.
If you have a C Corp and set it up right, you can get a valuation rather than just what you got.
Would it be smart to lease for a year or so before purchasing a vehicle if your still building credit?
My sister wants to purchase a vehicle under her LLC for me. How can she give ownership of the vehicle to me during the purchase ? Or 50/50 ownership equal rights
Do those companies like uline(hard inquiries) on your business credit report. Do lenders have rules when it comes to hard inquiries on your business credit
Good info… thanks Nam
I just got my EIN however is it possible to start building business credit without an LLC?
What if you're buying car privately? How and where do you put your business name on the vehicle title?
If buying in cash then just sign the title and register it under the business name, right?
@@HMJKS2000 courthouse was able to help me, iirc you only need to have your business name on the title. But they just told me what to change to make it right.
@@LtLongle you bought personal then transferred to business?
@@Spazzbinhavin no bought just for business. All money came from business acount
Personal guarantee?
My old car is almost dead and i need a new car or may be used
Will be setting llc tomorrow
So is it advisable to buy a car?
My experian score with one tradeline is already 72, is this high enough to get a loan ?
I need help getting a duns number
sole proprietorship so can get a to buy equipment car truck
Dealership is telling me I have to sign in-person for an auto loan(Citizens bank, and for a new business). is this normal??
Yes. Some lenders are more streamline when it comes to identification. But it’s not unusual.
@@NaamWynn thanks for the reply. they are 700 miles away and didn't tell me before they ran my credit! bad business!!
Can I just buy a car under my llc for the business I’ll pay it in full but want to use it for work and evade the taxes would that be possible?
You can avoid taxes if you use it 100% for business. This year you can only write off 80% of the purchase price of the car.
Is there a way to buy property in your business name ? I don’t want online trolls to know where I live if I buy a duplex.
Do you have to register the car as a commercial vehicle if it's jus for both personal n business use?
No
Do you still need help on this question? I can give you recommendation.
@@craigmilner910 I just opened an llc and am getting offers from clients for work. But it requires driving. I'd prefer to get a business car if it's possible. But I'm just getting started w work. Any suggestions?
Posted on my birthday ❤❤
You can't use your personal credit?
So LLC is same as incorporation ?
Can I use the ein I had with my sole prop ? Or I need another one ?
Its better to get an s corperation or LLC
@@LostCrape45 thank you
Can I buy a used car in my llc or do I have to lease it
Yes you can do that too.
What if you wanted to start a ride-sharing business (rental company) will these rules still apply?
BX STAND UP!!!
Thank you for these tips
Great info thanks Nam
Welcome!
Can i purchase a vehicle in my personal then transfer to business?
Yes
Does the same apply the opposite way ?
Would you still be able to get tax deductible at the end of the year if you purchased as a personal then transfer to your business, even though the car still have a personal loan on it?
Nice
Pay in cash, no need credit.
So I NEED to be AN LLC? Not JUST A SOLE PROPRIETOR. Correct?
Yes
So my business is ran different from others. My company is a real estate investing company that helps other investors find properties for a fee. So for every fee it’s an unlimited amount I can make so 5-20k but besides that.. just say I want to buy the car in cash would it be any different? Or do you think I should just do a owners draw and buy it in my personal name in that case?
Never buy nothing under ya personal name if you have A LLC Or S-Corp
wholesaler?
You speak too fast. Slow it it down by a lot.
You can change your RUclips setting to slow or speed up their talking.
You listen slow
For something like Turo, what Naics code should you use for the LLC? 532111 is Passenger car rental. This is not in the high risk category, but may still be considered a risk by some lenders. Should I use a different Naics code so I am not considered a risk in order to get business financing?
@Eric Jones who is David? How do I get in touch
@Eric Jones I will save
Hey I’m doing Turo myself… were able to get the car? Please let me know how
What’s equafax I thought it was equifax aha