Legal Question in Business Law in Florida
Hi, my partner and I used to have separate companies both in FL. later I merged into his s corporation, we bought a truck and he signed the finanancial papers, the truck is not paid for, now we are separating and i will reinstate my old s corporation, how can i transfer the truck into my company do i have to refinance it again? We put a big down payment on it. Do I have to pay sell taxes? Thanks, Romina
2 Answers from Attorneys
There is not enough information here to know. You have to think about a corporation as a person because, legally, it is. If you need to put another corporation/person's name on the title, then I think, yes, you need to properly execute the transfer of title, the new owner (corporation/person) obtains new financing, and the current the bank (lien holder) is paid in the "sale." It also needs to be re-registered in the new owner's name and taxes must be paid.
It is not clear who owns the truck. If the former partner does, then it would need to be sold to you. If a seperate company owns it, then it would need to be transfered as well. If it is financed, the bank will not allow the transfer without their loan being paid off.
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