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Excluded Assets from MC Sale

Discussion in 'Trucker Forum Classifieds & Trading Post' started by fafirsttrucking, Mar 3, 2024.

  1. Mar 3, 2024 #1
    fafirsttrucking

    fafirsttrucking Bobtail Member

    10
    2
    Feb 25, 2024
    0
    Hi,

    Can you tell me if I need to transfer the title of the equipment to myself before selling my LLC with the MC.
    I am excluding the tractor and trailer from the sale but I am wondering if it is enough by law.
    Currently, the tractor and trailer belong to the LLC.

    Thanks!
     
    fafirsttrucking, Mar 3, 2024
    fafirsttrucking, Mar 3, 2024
    #1
    Rideandrepair Thanks this.
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  3. Mar 3, 2024 #2
    xsetra

    xsetra Road Train Member

    5,104
    6,967
    Aug 21, 2011
    0
    Name on the title, owns the truck.
     
    xsetra, Mar 3, 2024
    xsetra, Mar 3, 2024
    #2
    Rideandrepair Thanks this.
  4. Mar 4, 2024 #3
    Ridgeline

    Ridgeline Road Train Member

    22,321
    115,570
    Dec 18, 2011
    Michigan
    0
    you need to contact two people, one is a lawyer to write up everything and the other is an accountant who can work around the asset transfer for you to avoid a huge tax bill.
     
    Ridgeline, Mar 4, 2024
    Ridgeline, Mar 4, 2024
    #3
    Rideandrepair Thanks this.
  5. Mar 25, 2024 #4
    Rideandrepair

    Rideandrepair Road Train Member

    17,285
    56,109
    Aug 8, 2015
    0
    I transferred my Truck and Trailer into my name. They tried to charge sales or ? Type of tax or fee. I explained I owned the Company. Transferred both no problem. They had a form for just that purpose. No tax or special fees of any type. In Michigan.
     
    Last edited: Mar 25, 2024
    Rideandrepair, Mar 25, 2024
    Rideandrepair, Mar 25, 2024
    #4
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