Having a company vehicle may be a good way for your business to deliver items and personnel to your customers. Additionally, the IRS may allow you to deduct certain expenses for the operation and maintenance of company vehicles.
The easiest thing is to purchase automobiles in the name of your company when you make the initial purchase. If you forget and buy an automobile individually, it is not difficult to transfer the vehicle to your company. Below are some basic considerations and steps you need to take if you want to transfer your personal vehicle into your business’ name in Georgia.
The title transfer process is easiest if you own your car “free and clear” of any liens and the car was previously registered in Georgia. Typically your car dealer or bank will send you the car title proving you have paid off the car shortly after they receive the final payment. If you do not have this and believe you have paid off the car, it may be a good idea to talk to your car dealer or bank. While it is possible to transfer a car title if the car is not paid off or if it is registered in another state, it is more difficult to do so (you will probably have to re-finance).
When you are ready to transfer the title you need to complete the following forms and bring them to your local country tag office.
- Title / Tag Application (Form MV-1)
- Transfer Document
- The original, current Georgia title
- All vehicle owners other than dealers MUST obtain titles in their name PRIOR to transferring ownership to the business
- Bill of Sale
- Unless title shows the sale price and date of sale
- Odometer Reading
- Emissions Test Results
- Unless exempt: http://www.cleanairforce.com/motorists/emissiontesting.php
- Proof of Insurance
Additionally, there is a fee of $18 for the title, and a $10 fee for title applications processed through Customer Service Operations. Most DMV locations accept cash and checks, and a few accept debit cards as payment.
Patrick R. Norris, J.D., Norris Legal, L.L.C.
Thank you for reading this article. The information contained in this article is for discussion purposes only. The information contained in this article is not legal advice upon which you should act and simply reading this article does not make you a client of Norris Legal, L.L.C. or any other law firm. Thank you again.