Auto and Car Insurance

How do I transfer my vehicle title , which is currently under my corporation, to an individual?

To be more specific, I'm transferring the title to my wife. Would it be considered a family transfer? The insurance for a corporate car is getting too expensive. I'm in California. Also, would I have to pay a use tax?

Public Comments

1. A corporation doesn't have family, so no it is not a family transfer. Just have an officer in the company sign off the title and transfer it like any other transfer.
2. don is correct because I wanted to do the same since our corporation went out of business. we wanted to put it in my name or my husbands but they still were going to charge us all the fees. so we left it in the business name. it was just to much of a hassle for us. they always get their money don't they? We will never do that again!
3. As a corporation and you as the officer of the corporation can sell the car. You will only need to pay the tax on the income coming funds back into the corporation. ( see your tax adviser on that one) Selling a car from any source is just like from private party to private party. Only problem you will have is trying to get around the no sales tax to your family member. Check with the DMV. Your corporation is not a family member.
4. ITS BEST IF YOU CONTACT YOUR LOCAL (DMV) DEPARTMENT OF MOTOR VEHICLES OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION. California Department of Motor Vehicles Driver Licensing &Title/Registration: (800) 777-0133
5. You would need to sign off the title as John Doe, Inc.by John Doe as the seller. Your wife would need to sign and print her name as buyer. Since it is going from a corporation to an individual you will have to pay use tax. You will also need a bill of sale to accompany the title for the title transfer. So the sell price can be whatever you decide it needs to be.