ID Theft
cost difference between business (s-corp) and personal car lease?
I'm about to lease a car in a couple of weeks (2007 audi a4 /roughly $450/month) under my father's name (who has perfect credit)... (my credit got ruined due to identity theft--so putting it under my name isn't an option) Would it be possible to start a new business (s-corp), and qualify for the same lease under my business (even if it's only 1 week old)? What's the cost difference between a personal and business car lease? how about the cost of insurance? Basically, i want to be able to write off this lease on my taxes (because car would be used 60% for business) ... so i'm not sure if i'll even be able to do that, if the car was under my father's name, therefore the business lease would come into play.... so not sure which would be more "cost affective"... Thanks for any input on this. -ales side note: i also just became and "independent contractor" , and i am planning on starting an s-corp for better taxes.
Public Comments
- You will probably be turned down for the lack of time, most banks say that you need 12 to 24 months of business run time before they will work with you on this...
- look into an LLC - there are companies that can start an llc for you or one that has already been started...I know its confusing but so is everything else. Look into a nevada corp. You may not need to use dads credit. If dad does aquire the lease he can lease the car to your business for the mileage rate 45.5 cents or something I run all expenses through my s corp. Talk to your accountant. IF you dont have one - make no mistake, you need one. He will have the answers - you must ask chances are he wont volunteer info. Good luck!
