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The linked article by SJ is a good summary. Things to keep in mind:
The linked article by SJ is a good summary. Things to keep in mind:
If an LLC is owned by husband and wife in a non-community property state (such as NJ), the LLC should file as a Partnership. LLCs owned by a husband and wife are not eligible to be “qualified joint ventures” (which can elect not be treated as partnerships) because they are state law entities.
If the company truly owns the car, then it must be titled in the company’s name. This might be a challenge with car loans and leases, but for the company to claim it as an asset and subsequent expenses the title needs to be in the LLC's name. To take Section 179 depreciation, the vehicle must have a greater than 50% business use
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