What is the name of your state (only U.S. law)? North Carolina.
I recently started an S-corp within the service industry. Prior to becoming registered with the Sec. of State as a legal corporation, I purchased a pick up truck and trailer using my own personal money. Both vehicles are used for company use only. Since the transaction was completed prior to my corporation being legally recognized, I had to register/title both vehicles using my personal name versus that of the company. Now that I am a Legitimate corporation, I would like to switch the vehicles over to my company name. Is it that simple? Or do I have to set up a promissory note from myself to my corporation to show a transaction has taken place etc?
I realize this is the 11th hour as far as calendar 2011 goes. For tax purposes, did I shoot myself in the foot by not getting my vehicles switched over before calendar years end? Is this something I can still complete in 2012 and use to my advantage (if there is any) for 2011?
My lawyer was swamped several weeks prior to the holidays and is now on vacation so I could not ask such questions directly.
Thanks for your feedback,
Newbie in the small business world
I recently started an S-corp within the service industry. Prior to becoming registered with the Sec. of State as a legal corporation, I purchased a pick up truck and trailer using my own personal money. Both vehicles are used for company use only. Since the transaction was completed prior to my corporation being legally recognized, I had to register/title both vehicles using my personal name versus that of the company. Now that I am a Legitimate corporation, I would like to switch the vehicles over to my company name. Is it that simple? Or do I have to set up a promissory note from myself to my corporation to show a transaction has taken place etc?
I realize this is the 11th hour as far as calendar 2011 goes. For tax purposes, did I shoot myself in the foot by not getting my vehicles switched over before calendar years end? Is this something I can still complete in 2012 and use to my advantage (if there is any) for 2011?
My lawyer was swamped several weeks prior to the holidays and is now on vacation so I could not ask such questions directly.
Thanks for your feedback,
Newbie in the small business world
