Don’t know where you’re at, I’d check with which ever agency handles vehicle registrations and titles.

Tom

 

So you sold the company and the vehicle is titled to that company? Then it's not your vehicle, it's theirs.
If your sale had specific terms that the vehicle is not included, you may be able to transfer it. Talk to your DMV.

 

I am in Pennsylvania!!

Well maybe I typed it a bit off. I sold the Customer Contracts not the company. As such all
company equipment vehicle, tools, equipment stock, etc. still belong to the Corp.(Me).
I will most likely do as suggested and go to the DMV to follow their procedure.

As suggested to sell it for $1, I think may cause some other issues??
That is the part I don't know......................... yet!!

Thanks,

Les

 

If your title is under your company name, sell it to yourself for $1 and do a basic title transfer with a bill of sale to your personal name.

 

Why would it cause issues??????
People sell used vehicles all the time for just a few bucks!!!!!!!
I gave my old truck to my granddaughter, listed it on the title transfer as a gift!!!!!!

 

In Texas it doesn't matter how much you say you bought it for or if it was a gift, you pay taxes on blue book.

Starting in 2024 all our vehicles and equipment will be in a separate holding company and leased to the company, but right now the company owns them, when we sell its just as easy as selling a personal vehicle

 

In Wisconsin, there is sales tax due on vehicle sales. They audit title transfers for anything that isn't close to blue book value.
As for the corporation selling the vehicle, there may be gain on sale income. Depends how it was depreciated.

 

I recently purchased a new trailer and went to get plates. They asked who I wanted on registration. I then asked how my other stuff was set up because loan officer always did the whole deal. They told me to put it in the business and personal both that way when company is sold or dissolved just an easy transfer.

 

I bought a new trailer today, and I just had them do the paperwork with my driver's license.

I was going to register it with the business, but they wanted insurance certs to do that and get it plated.

I said **** it, had them title in my name and stroked a check.

 

Depending on your business form, you may have just opened yourself up to personal liability with both on the title.

 

As a sole member LLC I'm on the hook either way. By being on the title personally the Business can sign off of the title according to the SOS

 

You can sell it for whatever you want. They will do a valuation if they think it's too low though, and tax you on that amount.

 

NYCB,
I agree on your books it's worth 0 but not to the state regarding sales tax

 

joy of not having sales tax.

 

Thanks for the input on this question.

As I understand it, in Pennsylvania I have to write up on my Company Letterhead
a Letter of Transfer. Present that with the Title to the DMV with other documents
and get new License Plate, and Title and have to pay tax on something.
There is some issue if the vehicle is older than 15 years for some reason. ????????????

It seems that no matter what I will most likely end up on the short end of the stick!!!

Thanks again!!

Les

 

Business shut down and insurance cost.