@offdatgogo 2 жыл бұрын
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.
@detoxfromthematrix Жыл бұрын
Excited to be in similar boat may your business be blessed and fruitful for generations to come
@IiDefiineHypex3 Жыл бұрын
Did you got the car?
@dogsalwaysbarkatbetamaleswoof 11 ай бұрын
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 7 ай бұрын
So when he says that you have to be a LLC, LLP, or Corporation. That wasn’t true?
@Imdylanjensen 3 ай бұрын
@@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.
@Andredelapaz07 Жыл бұрын
why doesnt any youtuber talk about buying a cash car in business name? only talk about financing smh
@NaamWynn Жыл бұрын
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.
@sarahlee2080 Жыл бұрын
GOD !!! ❤THIS GUY IS SO FREAKIN HANDSOME 😂love his content 💯
@Convict2Corporate 6 ай бұрын
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.
@withgx3483 Жыл бұрын
What are the requirements for a newly formed LLC business to start thinking about leasing or buying a car under the business name?
@kanebryant1501 Жыл бұрын
@@RainaRaybands You're going to have to make sure you have your EIN, an then start building business credit as soon as you can.
@kanebryant1501 Жыл бұрын
You're going to have to make sure you have your EIN, an then start building business credit as soon as you can.
@cococaj Жыл бұрын
What is the approximate time frame or tier level you can purchase a vehicle in your business name?
@Tutu-tt6np Жыл бұрын
@@cococajI'd like to know as well
@sagaricanlove4292 Жыл бұрын
Please respond , thx so much
2 жыл бұрын
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?
@kenzellio Жыл бұрын
The only question I’m looking for
@shaqillemullings8927 Жыл бұрын
@@kenzellio real talk. i still haven’t found a video that answers this
@lilpump880 Жыл бұрын
ERRAH BROTHER, KEEP PUTTING OUT GREAT CONTENT.
@audreydee7487 2 жыл бұрын
Good info… thanks Nam
@selinapena3276 2 жыл бұрын
Love this
@biggthirsty2089 4 ай бұрын
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
@cutieshy3life Жыл бұрын
Thank you for these tips
@jmeepping1396 2 жыл бұрын
What about having bad personal credit?
@namle198818 2 жыл бұрын
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.
@Jason.F. 5 ай бұрын
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.
@prettyandfun7777 Жыл бұрын
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 ??
@viper1213 Жыл бұрын
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
@VisionaryUchiha 2 жыл бұрын
Great info thanks Nam
@NaamWynn 2 жыл бұрын
Welcome!
@factspirate99 Жыл бұрын
As a sole proprietor can I purchase the vehicle and write it off at the end of the year?
@NaamWynn Жыл бұрын
Yes
@georgesenda1952 2 жыл бұрын
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.
@heavenly213 2 жыл бұрын
Would it be smart to lease for a year or so before purchasing a vehicle if your still building credit?
@caviaravatars2 Жыл бұрын
Do you have to finance a vehicle in your llc ? Can you pay cash and write it off 100% through your business.
@DeshaunGivens-dh4gp 7 ай бұрын
I need help getting a duns number
@ninasimone787 Жыл бұрын
Posted on my birthday ❤❤
@derekm4592 2 жыл бұрын
Personal guarantee?
@adrianapreciado3593 10 ай бұрын
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
@MrEOM41 Жыл бұрын
I want to purchase a truck in my business name. 💯
@Ghost8.8 Жыл бұрын
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?
@stephaniamunoz6066 Жыл бұрын
How did you do this?
@LtLongle 2 жыл бұрын
What if you're buying car privately? How and where do you put your business name on the vehicle title?
@HMJKS2000 Жыл бұрын
If buying in cash then just sign the title and register it under the business name, right?
@LtLongle Жыл бұрын
@@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.
@Spazzbinhavin Жыл бұрын
@@LtLongle you bought personal then transferred to business?
@LtLongle Жыл бұрын
@@Spazzbinhavin no bought just for business. All money came from business acount
@EABengi 2 жыл бұрын
My experian score with one tradeline is already 72, is this high enough to get a loan ?
@rometheceoo Жыл бұрын
I just got my EIN however is it possible to start building business credit without an LLC?
@leandropesantez5264 2 жыл бұрын
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
@rhinoskin7550 2 жыл бұрын
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.
@itsVegazBishh 2 жыл бұрын
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
@ravanlp 11 ай бұрын
Yes. Get the MSO, put the vehicle in your private trust
@selinapena3276 2 жыл бұрын
Nice
@LordBlackNephew Жыл бұрын
What if you wanted to start a ride-sharing business (rental company) will these rules still apply? BX STAND UP!!!
@chrisdavis1681 2 жыл бұрын
Hi Naam if you are a co singer does it report on your business side or personal side
@NaamWynn 2 жыл бұрын
If you are a co signer it would report on the personal side
@daboiskittz17 Жыл бұрын
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.
@viper1213 Жыл бұрын
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
@gotmelanin6970 2 жыл бұрын
So LLC is same as incorporation ?
@ronnielockamy9010 2 жыл бұрын
sole proprietorship so can get a to buy equipment car truck
@akshitdhadwal Жыл бұрын
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?
@aortizandrew1 Жыл бұрын
You can't use your personal credit?
@AG-rk1ym 2 жыл бұрын
What happens to business vehicles if an owner decides to close down his business, does the owner just keep them for personal use?
@TaylorTimeTv 2 жыл бұрын
Can I use the ein I had with my sole prop ? Or I need another one ?
@LostCrape45 2 жыл бұрын
Its better to get an s corperation or LLC
@TaylorTimeTv 2 жыл бұрын
@@LostCrape45 thank you
@phucmac5312 Жыл бұрын
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?
@NaamWynn Жыл бұрын
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.
@shermanhemsley2906 2 жыл бұрын
Dealership is telling me I have to sign in-person for an auto loan(Citizens bank, and for a new business). is this normal??
@NaamWynn 2 жыл бұрын
Yes. Some lenders are more streamline when it comes to identification. But it’s not unusual.
@shermanhemsley2906 2 жыл бұрын
@@NaamWynn thanks for the reply. they are 700 miles away and didn't tell me before they ran my credit! bad business!!
@empressy01 2 жыл бұрын
Do you have to register the car as a commercial vehicle if it's jus for both personal n business use?
@NaamWynn 2 жыл бұрын
No
@craigmilner910 2 жыл бұрын
Do you still need help on this question? I can give you recommendation.
@NanoverseProductions 2 жыл бұрын
@@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?
@alexemnn Жыл бұрын
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?
@NaamWynn Жыл бұрын
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.
@jxsh9193 Жыл бұрын
Can I buy a used car in my llc or do I have to lease it
@NaamWynn Жыл бұрын
Yes you can do that too.
@Spazzbinhavin Жыл бұрын
Can i purchase a vehicle in my personal then transfer to business?
@NaamWynn Жыл бұрын
Yes
@davonteharrison4700 Жыл бұрын
Does the same apply the opposite way ?
@phucmac5312 Жыл бұрын
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?
@anthonyprochaska7973 2 жыл бұрын
So I NEED to be AN LLC? Not JUST A SOLE PROPRIETOR. Correct?
@dMinaj11 2 жыл бұрын
Yes
@johnhowse4958 2 жыл бұрын
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?
@2rawshootertv 2 жыл бұрын
Never buy nothing under ya personal name if you have A LLC Or S-Corp
@alishavernon4401 2 жыл бұрын
wholesaler?
@bryanton9476 Жыл бұрын
Pay in cash, no need credit.
@Widdom1 2 жыл бұрын
You speak too fast. Slow it it down by a lot.
@ericak6841 2 жыл бұрын
You can change your KZfaq setting to slow or speed up their talking.
@gymshoe23 Жыл бұрын
You listen slow
@joshdavis19 2 жыл бұрын
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?
@joshdavis19 2 жыл бұрын
@Eric Jones who is David? How do I get in touch
@Mrfacts00000 Жыл бұрын
@Eric Jones I will save
@LovelyJay85 Жыл бұрын
Hey I’m doing Turo myself… were able to get the car? Please let me know how
@tonyjames6263 Жыл бұрын
What’s equafax I thought it was equifax aha
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