Minor Buying a Car with an LLC?

Question

I'm not sure if this is the best place to post this but I figured it was worth a shot. I was wondering: since I can't fully own a car as a minor, would I be able to buy a used car, outright with cash, and transfer ownership to a formed LLC owned by me? And then use that vehicle for business/personal use?

Jeffrey Miranda · Answer

@David M.

Thank you for your input. It is much appreciated. Just to clarify, my thought was to purchase a car from a private seller & then transfer the title to the LLC; I understand there would be obstacles in doing so, but I was just curious as to whether it was at all possible, and if it would be in any way practical. I live in California by the way.

Also, I had no idea having a commercial vehicle prevents you from driving on certain highways. That's interesting.

Realistically, it'd probably be simpler and more efficient to just have someone else co-sign for a vehicle, which is probably what I'll end up doing. However, I'll have to look more into that because I'm not fully aware of all the laws regarding a minor driving someone else's car.

David M. · Answer

@Jeffrey Miranda

I kinda understand why you'd want to do this, but there are so many issues/costs.  First, if you can't own a car as a minor, how can you buy it outright with cash and transfer Title to the LLC?  Anyway, the LLC would have to take Title upfront in your described situation.  Then, since its owned by a legal entity, I am GUESSING that you will need commercial license plates, commercial auto insurance, etc.  I'm not sure where you live, but by having commercial plates that may not allow you to drive on certain highways (it exists in NY anyway).

Otherwise, not really sure.  Consult a professional.  Good luck.