IRP Application Question

www.ooida.com

 

I expect that the bank will not allow you to change the name on the registration. The only problem with operating a truck apportion to your personal name is civil liability. As soon as it’s paid get it registered to your LLC or INC. Write up a standard lease agreement with the owner of the truck just for your SA, filings and or anyone that questions it. Don’t let anyone else drive it. Did you consider non-CDL hotshot until SA and NE period is finished?

 

Like Wiggy said, you will need to create a lease agreement for the truck, leasing the truck from your wife to the business. It can be a simple $1/year lease. Just fill out the IRP under the business name.

I had to do this for one of my trucks originally.

Other option is to sell the truck to the business, but that involves getting a new loan and paying off your wife's loan.

 

Should be possible to open your IRP with her name still on the registration.

If NJ does it most states should too.

One company owner's son had two tractors one in his name and one in the wife's and both registered on his NJ IRP and her name was also shown on the registration for 'her' truck.