How To Buy A Car In Your Business Name [STEP-BY-STEP]

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2 жыл бұрын

Buy a car in your business name. We're walking through the steps, should you lease or finance, and insurance. Whether it's for Turo or to meet clients, here's a guide to using your business to purchase a vehicle.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 187

@LYFEAccounting 2 жыл бұрын

Watch Next: 101 Tax Write Offs & Deductions For Entrepreneurs kzfaq.info/get/bejne/rtiohbpm3K22enU.html

@tracydavis148 2 жыл бұрын

What is the Credit Score for the PG

@felispalacio8500 Жыл бұрын

Do I need a website. Do I need to register my business with the secretary of state

@riximo1 Жыл бұрын

you are the only man online to give real info on how to do this..thanks for the no nonsense info.

@WinsAndLossesPodcast Жыл бұрын

This guy is legendary NO CAP

@togomarketing 2 ай бұрын

Value packed information in less than 10 mins. Excellent job on this video. TY!

@ClassyLyfeStylellc Жыл бұрын

I have options where I can buy vehicles for the low…. I’d use my personal money to invest and purchase…. No leasing or bank loans needed bro. I purchased two motorcycles for our racing team for promotional marketing and mobile advertisement. Sold all my extras and fun stuff to buy the two bikes, now I rent them for music videos, photoshoots and photography set ups.

@emilymurphy30 Жыл бұрын

Awesome explanation. Thank you so much for your knowledge and sharing. It's been super helpful. Direct and to the point. Thank you, thank you, thank you.

@aaronanderson8452 10 ай бұрын

Came just looking for general info and ended up filling for a DUNs number, something I hadn't heard of until now. Automatic like & subscribe. Thanks!

@gabrielacastillo9046 2 жыл бұрын

Thank you so much for such clear explanations!

@zahktuthalxalyrion6364 2 жыл бұрын

I never heard of DUNS, but I knew the rest. That means I learned something new! Makes this video great by default! Thanks for the great information!

@LYFEAccounting 2 жыл бұрын

Glad it was helpful. Thanks for watching.

@thegoodcremeveganicecream7869 2 жыл бұрын

Thank you so much for this information!!! Now to set up my trade lines.

@6ritualsinz448 Жыл бұрын

I’m just gonna say bro, this video was dope and so informative. NEW subscriber! Thanks again

@truenorthliving_ 2 жыл бұрын

So many helpful videos!

@flubberghosted2472 17 күн бұрын

THIS IS EXCELLENT 💯💯💯💯💯💯

@lucylopes2541 Жыл бұрын

Amazing explanation!!! Thank YOU :)

@zanzanlifestyle 2 жыл бұрын

Thanks for breaking this down.

@andreacarter2108 2 жыл бұрын

This is absolute Knowledge! Thank you as always... 👍

@confuciusbey1070 3 ай бұрын

Ty 👑 positive vibes your way

@kennethdraper8940 2 ай бұрын

Thank you

@SigningWithOmar 11 ай бұрын

Thank you for this video...I will follow your advice when I purchase me business vehicle

@RKHTY 2 жыл бұрын

Super helpful! This is the first video I've watched that gives clear step by step instructions! Thank you!

@nanaarmahni4425 Жыл бұрын

Thank You! Keeping doing what you do best✊🏿

@foreigntay_ 2 жыл бұрын

Love how he explained it. He made it sound so easy but is it really that easy?

@MarioGonzalez-mg9tv Жыл бұрын

@agafit5865 2 жыл бұрын

I am a new subscriber thanks for this info 🔥please keep them coming ,great contents 👏

@LYFEAccounting 2 жыл бұрын

Thanks for the sub! Will do.

@rtrcomedy Жыл бұрын

Thanks, awesome video!

@teddychriss6764 Жыл бұрын

I was like this guy looks familiar. Great video. I hope you continue to be blessed!

@cygen_divine1570 6 ай бұрын

Thank you!❤❤❤

@r.e.2699 2 жыл бұрын

Great afternoon, LYFE Accounting family! Once again, y'all are right on time with this one... Thank sincerely 👍

@LYFEAccounting 2 жыл бұрын

Thanks for your comment, R.E. Glad it helps!

@strassafrass1 10 ай бұрын

Great info here thank you

@jamaridavis6823 Жыл бұрын

Love that this knowledge is coming from a black man ! #LETSKEEPITUP

@gwilliams7276 Жыл бұрын

Very helpful🙏🏼

@jeromehunley-ellis9520 Жыл бұрын

Thank you!

@jediaelisrael3227 2 жыл бұрын

Thank you bro.

@taggmein8 Жыл бұрын

Great information 👌

@javierg155 Жыл бұрын

Really helpful

@robertmallettebey5805 10 ай бұрын

Excellent!

@tanikat.8969 2 жыл бұрын

Very helpful

@sirrahphotography5930 2 жыл бұрын

This question may have been asked before, but I'm asking it again. At 4:38 you say ask that a lender does not report to your personal credit unless you default. Well, if you default, don't they have to do that anyway? If they are going to do it anyway, why ask them anything? I have good credit, and I know I will have to use my personal credit to qualify for buying a vehicle in my business name. But, that still requires a lender to "ding" your credit score right?

@MEMPHISPRAISER Жыл бұрын

Knowledgeable

@Royal109618 2 жыл бұрын

Great content

@o.9763 Жыл бұрын

Good Information Dude

@codyhaas3633 2 жыл бұрын

If you are just paying for a car cash, do you use business funds from business checking account or do you use personal checking account and then depreciate the vehicle? Particularly looking at trucks.

@zacmo12 2 ай бұрын

I’m wondering the same thing

@dremetlock1635 2 жыл бұрын

Good info keep it coming

@LYFEAccounting 2 жыл бұрын

Thanks, Dre!

@brandonxiong9527 2 жыл бұрын

Great and clear

@LYFEAccounting 2 жыл бұрын

Glad it was helpful.

@brianhewitt338 2 жыл бұрын

Thanks bro

@luluedw 2 жыл бұрын

Also looking forward to finding out what my state says about business name registration

@akuiori Жыл бұрын

if you already had an ein you can call to recover that ein and add additional businesses to that ein with some restrictions. this is good if you had a business and dropped it then started a new business later, or you have multuple businesses. research everything, dont take my word for it.

@stylzgohardvip 6 ай бұрын

Thx u

@tommyjones1357 Жыл бұрын

If you still use the company vehicle for personal use, can you mitigate this by putting your company logo on it so that it becomes marketing? My friend suggested transferring me vehicle to my coffee business. But I still need a car for personal use too.

@carolynboone3336 2 жыл бұрын

Thanks

@LYFEAccounting 2 жыл бұрын

You're welcome, Carolyn!

@trackdoctorzmuzicgroup8395 Жыл бұрын

Thanks Boss you just put me over that hump 💯💪🏿

@chasingsavoryspaces6921 2 жыл бұрын

As always, such great content! Thanks for sharing.

@LYFEAccounting 2 жыл бұрын

Thank you!

@redciroc1211 2 жыл бұрын

What about business credit cards do they report to personal or business credit bureaus? I.e. chase cap1 citi etc

2 жыл бұрын

What do you mean “big enough business” to by pass a personal guarantee? Like what if someone’s business credit is 80-100 but their income is less than 10,000 a month? Would they still recommend a personal guarantee??

@july713x3 2 жыл бұрын

What if u have a full time job and.ur bizness is more of a side hustle. Do u have to sperate the expenses/mileage for what is used for ur job and what is used for business.

@hermosabri89 2 жыл бұрын

This was so helpful thank you

@Maturelyme 2 жыл бұрын

If the car is registered under the name of your business will that cause issues with your personal insurance if its under your personal name?

@redciroc1211 2 жыл бұрын

If the car is in the llc name where are the on time payments being reported to since its not showing up on personal credit report will the payments report to D&B?

@jreevesnfg Жыл бұрын

Thank you so much for this! What are your thoughts on selling your personal car to you LLC, would it be easier potentially?

@797tarentino Жыл бұрын

Wanna know this too

@angle5070 2 жыл бұрын

Thanks for this video. So it is better to have a bussiness vehicle under bussiness name? Or owned by individual yet used for bussiness? Also would really appreciate a detailed video on health reimbursement account/arrangement. And lastly forming partnership with wife and or other family members and how to get them paid and contribute to their retirement? Thank you

@namename9984 Жыл бұрын

Do I have to put in a business address if I'm just starting and don't have a physical location, or if I want to open an online or mobile business? Thanks.

@HunterD619 2 ай бұрын

shirtsy is a tradeline that i can use on my personal credit as well?

@mellymel9892 Жыл бұрын

Still don’t know how to buy a car in my business name but thanks 😂

@slicc9048 2 жыл бұрын

Can you do a video on deductions for a gig 1099 sole propriety driver

@Not_So_Super_Mario Жыл бұрын

Can i convert my business into an LLC? Or would I have to apply for an llc specifically?

@nicktirado4318 Жыл бұрын

This might be a dumb question, but what if I want to put a personally owed and paid vehicle in my buisness name? Do these steps apply?

@jayjayA1 2 жыл бұрын

OR get a business loan from the bank and go get any car you want without the hassle

@HolisticDramaFree 2 жыл бұрын

Wait foreal?

@ryannascimento8222 2 жыл бұрын

Then you can’t write it off on your taxes

@richardmingo3470 2 жыл бұрын

When you finance can you write off the payments. I’m a CDL driver that started my logistics business. Will be getting a tractor and new vehicle next year.

@rumrunner6661 2 жыл бұрын

You would take the Section 179 deduction and depreciate the truck over 5 years if you buy it. If you lease it, you deduct the payment.

@richardmingo3470 2 жыл бұрын

@@rumrunner6661 thank you

@septimaharris9522 2 жыл бұрын

@@rumrunner6661 could u explain this more in-depth

@takesquad7197 2 жыл бұрын

I’m literally doing the same. I started my logistic company in 2021

@richardmingo3470 2 жыл бұрын

@@takesquad7197 congrats 💪🏿

@Pressureeats Жыл бұрын

Can you write off a car that is used for business that is purchased from a smaller dealership that doesn’t require personal credit but maybe just a signed guarantee that it’ll be paid back as long as it’s in my business name?

@michaelrose1927 2 жыл бұрын

"All of the miles" or only miles while you are working ie not mileage driving to work

@soloantonetty1317 2 жыл бұрын

All this info for free thank you💜🤑

@LYFEAccounting 2 жыл бұрын

You're so welcome! Someone has to do it!

@DanTheMan 2 жыл бұрын

So sole proprietors can’t write off a car in taxes ?

@KevinG1994 10 ай бұрын

What if I have an llc with the registered agents address for my mailing. What address would I use to register a vehicle if purchased under my business name?

@harlemdime23 2 жыл бұрын

I knew the EIN number was free and didn’t listen to myself 🤦🏾‍♀️ Keep kicking myself for it but it’s done now.

@Ghost8.8 Жыл бұрын

Ive had my LLC for about 6-7 months and already established a 80+ paydex score can I go & finance a vehicle without a pg?

@christinalove1309 2 жыл бұрын

Can you buy with a company set up as a PA?

@tenajblackwood8453 2 ай бұрын

How long after signing up with the net30 accounts can we purchase a vehicle?

@LetHimCook_Entertainment 4 ай бұрын

Does the money for the car have to come from businesss revenu? Or can I use personal money

@mohammedmalik9652 2 жыл бұрын

is this for business in uk or usa

@taunteeluvr2 4 ай бұрын

Hey Keran, i don't know how often you check comments, but i had a question. Instead of getting a business auto loan to get a vehicle in your business name; Can't you simply get it under your personal name but transfer it to your LLC? Or get a personal loan either from a bank or dealership but register it in your name? thanks

@BalconyActivity 2 жыл бұрын

And can it be a new business with a new business bank account?

@LovesAlchemist Жыл бұрын

im about to register my LLC in Georgia, I'm a therapist. do I have to do incorporated?

@robinsonreyes2830 2 жыл бұрын

how do i lease a car in New York if my llc is in Florida? I currently live in New York but my business is in Florida . 🙇🏽‍♂️🙇🏽‍♂️🙇🏽‍♂️

@memonkeyking 2 жыл бұрын

What is the website for Dun & Bradstreet?

@TaylorTimeTv 2 жыл бұрын

do I need a new ein for a new business ?

@flightrisk7270 Жыл бұрын

Im sole...How can I change to incorporated?

@mr.vickterry 2 жыл бұрын

love this video. if i financed a car in my own name june2021 but i am self employed would i be able to switch the car over to my actual business name for 2022 once i get an LLC?

@amancha76 2 жыл бұрын

That’s called transfer of equity

@choochooelectric7381 2 жыл бұрын

Why am I craving thin mints after watching this informative vid?

@be_a_gift Жыл бұрын

3:30 Tradelines and 3 vendors

@josephaguilar403 7 ай бұрын

Can I still take advantage of tax benefits if I buy a vehicle under my name instead of business? Will be used 50/50

@jiggyjay9637 2 жыл бұрын

what if you have the cash and don't want to get a loan ?

@candaceblair 2 жыл бұрын

Can I take a paid off car that’s in my name, register it in the business name and take deductions that way also?

@jtreed5716 2 жыл бұрын

I believe so. longs its getting use for business

@TrancEndingMedia Жыл бұрын

Hell yeah! Best place to put paid off property is to put in a trust

@jorgitoperez.3415 11 ай бұрын

Hey how I can check my credit score of my bussines ??

@reinamacaren-a4132 2 жыл бұрын

I did everything except for step 5. Should I not apply for a car? I was going to apply in a few days🥴

@Teddy_Blanks_TV Жыл бұрын

How do you register your car in the name of your business.

@user-hv6cw5vo5b 2 ай бұрын

I’m from mass and I lost my drivers license. I own a construction company and have a work trailer. Can I register the trailer and get plates for the trailer in my company’s name. Even though I don’t have a drivers license?

@Tency777 2 жыл бұрын

So since I’m a new real estate agent I am able to get a mustang and have some tax deductions ?

@LYFEAccounting 2 жыл бұрын

As long as you use it for business, you can take advantage of business tax deductions ;)

@thesunrisedriver1683 2 жыл бұрын

To write a car off, do the the business have to make a certain amount of income for the year?

@LYFEAccounting 2 жыл бұрын

No, but a net operating loss can be carried forward to future years.

@woo3131 2 жыл бұрын

Dinner and LYFE Accounting...Life is good!

@LYFEAccounting 2 жыл бұрын

It's a vibe!

@jtreed5716 2 жыл бұрын

facts

@lucface 2 жыл бұрын

Why should I ask them not the report to personal credit?

@michaelwoods5757 2 жыл бұрын

I am interested in purchasing a Model x for my business. However, I am slightly confused about leasing vs financing in my business name. If I finance the vehicle, am I still able to accelerate depreciation? If I lease the vehicle, can I only use the annual cost of leasing and not total vehicle value? I hope this makes sense lol

@jonjeskie5234 2 жыл бұрын

With Leases your only tax advantage is to write off the entire monthly note.

@chriss2352 Жыл бұрын

If you finance you can write off the entire vehicle in the year placed in service