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Ely
Ely, Attorney
Category: Traffic Law
Satisfied Customers: 549
Experience:  Private practice
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My husband is self employed in excavation & he is joint partner

Customer Question

My husband is self employed in excavation & he is joint partner in a small (very small) farm hay selling business with his brother-in-law in Alabama. They are wanting to purchase a trailer to move equipment & haul hay on also, as a joint venture. The trailer will be used primarily by my husband in his business. If both parties pay half of the cost of the trailer, can it be registered for tag in only one name (my husband's company)? They are both agreeable for this since we carry the insurance. They want to jointly own the trailer for tax purposes for each business, as opposed to owned by one business & leasing or renting to the other. This would show more income for the receiver of the rent/lease. My main question is, can they purchase jointly but register in one business name? I assume the bill of sale would have to show one name for it to register in one name. Hope I haven't confused you to much. Our account said they could each pay half for ownership but, she wasn't sure how that would effect registration.
Thank you, ***** *****
Submitted: 10 months ago.
Category: Traffic Law
Expert:  Loren replied 10 months ago.
Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.
Expert:  Loren replied 10 months ago.
There is no legal reason why the truck could not be registered however the parties want. They can agree to divide the usage of the truck however they want. Be aware, though, that since it will be registered to your husbands business there could be cross liability exposure for the business if there is an accident.