2 Member LLC (Partnership) purchase vehicle for depreciation, NJ
I own an LLC in NJ with my dad. I own 99%, he owns 1%. We would like to purchase a vehicle for 90% business use (my dad has two other vehicles for personal use, and I don't have a license).
In this scenerio, would it be possible to purchase a vehicle for the business and have it in my dad's name rather than the LLC's name? Our insurance agent said that if we buy the car in my dad's name, we can use our personal insurance coverage, otherwise we need to buy commercial auto insurance.
I wanted to know if this is possible. Another advantage of this is that later down the road, it would be easier to put the car in my name (without changing the business usage). I just can't have it in my name because I don't have a license at this time.