Rollover as Business Startup (ROBS 401k) – Can I transfer my leased vehicle to my ROBS business?
Please check out this good question from our Daily Live Zoom call. Subscribe to our YouTube Channel to get notifications of our Daily FAQs.
ROBS 401k FAQ: Buying Truck for Business
I am using a ROBS 401k to start an RV-towing business. I need to purchase a truck with a large towing capacity. Can I lease the vehicle in my own name and then transfer the vehicle to the C-corporation later?
RESPONSE:
No – you can’t transfer a vehicle that you own personally, and which vehicle is subject to financing to the C-corporation that is funded with your retirement funds. Instead, the C-corporation would need to buy or lease the vehicle.
