Advice Needed For New Business
First off, I live in the the state of Ga, and I have just started an LLC for my drag racing habit. I need to have my race cars, towing vehicle, trailer, and various other tools and equipment placed under the ownership of the LLC. What is the best way to do this when the vehicles are financed? Should I quitclaim everything to the LLC- or to a trust with the LLC as the beneficiary or trustee? Will I have to notify the insurance company? and can the lein holder exercise a due on sales clause for the tranfer?
Thanks
Re: Advice Needed For New Business
If the vehicles are financed, you would probably have to title the vehicles over to the LLC and have the LLC assume or refinance any loans. Yes, the lenders can require a payoff. The lenders will probably ask you to personally guarantee the debt. Your lenders will require that you insure the vehicles, even if they're not being driven on public roads, in order to further secure the debt. You will have to inform your insurance company about the ownership of the vehicle - you don't have an insurable interest in vehicles you do not own.
Re: Advice Needed For New Business
Thanks alot- I will see what the bank says.