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I have a car I would like to put under an LLC. Could I have the LLC buy the car? If there is a loan on the car, that would also have to be paid in full in order to get the car in the LLC, am I correct?

JJ Luna Responds:

Correct--pay off the car first. WARNING! I now step up on my soap box. Why ANYONE would EVER finance a car is incomprehensibe to me. In this country you can get a car for under a thousand dollars that will get you to work and back! Need to take a vacation? RENT A BRAND NEW CAR!

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