Is a vehicle titled in personal name a business asset for LLC?

[mudtech61]

This may be a stupid question but, if a vehicle is purchased for 100% business use but the title, loan note and insurance remains in the name of the person who purchased the vehicle, is it considered to be personal property/ personal asset or business asset? Can it still be treated as a personal vehicle used for business and depreciated at same rate as business asset that is titled in business name?

JME

[tagteam]

Business use is the key here.

If the vehicle is used 100% for business it could be considered a "business asset".

However, as in the other thread you started, it's not clear whether there is a separate business entity, such as an S corporation or whether you are a sole proprietor (or something else).