Results 1 to 3 of 3
  1. #1
    Join Date
    Sep 2007
    Posts
    6

    Default 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

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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.

  3. #3
    Join Date
    Sep 2007
    Posts
    6

    Default Re: Advice Needed For New Business

    Thanks alot- I will see what the bank says.

    1. Sponsored Links
       

Similar Threads

  1. Divorce: Divorce Advice Needed
    By ArchAngel in forum Divorce, Annulment and Separation
    Replies: 2
    Last Post: 02-05-2009, 09:37 PM
  2. Reckless Driving: Advice Needed for 18 Year Old Driver
    By tcshortt in forum Moving Violations, Parking and Traffic Tickets
    Replies: 1
    Last Post: 09-28-2008, 02:18 PM
  3. Advice Is Needed Regarding Judgment On Ex
    By Ex-HusbandsDebtTroubles in forum Civil Procedure
    Replies: 1
    Last Post: 03-14-2008, 12:40 PM
  4. Sex Offenses: Advice Needed
    By BlindLover in forum Criminal Charges
    Replies: 1
    Last Post: 03-27-2007, 10:35 PM
  5. Debt Collectors: Advice Needed Regarding Liens
    By dgdot in forum Debts and Collections
    Replies: 2
    Last Post: 04-23-2005, 06:07 PM
 
 
Sponsored Links

Legal Help, Information and Resources