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  1. #1
    borreman is offline Member
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    Nov 2005
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    Buying a business car under a LLC

    What is the name of your state? Nevada

    I filed 10 days ago for an LLC. In the mean, my partner and I need to buy a car to start setting up our business. We would like to buy the car under the LLC name and pay it off over the next 3 or 4 business operating years.

    My question is, it takes about 35 days to get my LLC completely filed and also (I guess ?) get my Tax ID. So how can I buy the car under the LLC name by next week ? If that is not possible, can I buy it under my name or my partner name (or both our name) and transfer it to the business name when it is filed ? What are the implications of doing so ?

    Other question, could I register the car under one of the partner's name, and still pay it off under the business name ?

    Thank you for your help.
    Last edited by borreman; 07-10-2006 at 05:01 AM.
  2. #2
    moburkes is offline Senior Member
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    Quote Originally Posted by borreman
    What is the name of your state? Nevada

    I filed 10 days ago for an LLC. In the mean, my partner and I need to buy a car to start setting up our business. We would like to buy the car under the LLC name and pay it off over the next 3 or 4 business operating years.

    My question is, it takes about 35 days to get my LLC completely filed and also (I guess ?) get my Tax ID. So how can I buy the car under the LLC name by next week ? If that is not possible, can I buy it under my name or my partner name (or both our name) and transfer it to the business name when it is filed ? What are the implications of doing so ?

    Thank you for your help.
    FYI: Since the vehicle will (eventually) be registered to a business, you will need a commercial auto insurance policy, which is more expensive than a personal auto policy.
  3. #3
    clueless3 is offline Member
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    Oct 2006
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    Geez! It does NOT take 35 days after you filed for a LLC before you can get the EIN!! Just apply online with the IRS a day or two after the LLC was filed with the Secretary of State!!

    If the LLC is to pay for the car, you should get it titled properly. Don't use the LLC fund to pay for a car that is in someone's name; that's co-mingling funds.

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