how do you transfer a car (as an asset) to a newly formed corporation?

Question

in a TAX FREEEE country

Answer 1

Sell it to the corporation.

An asset was "redefined" as something that brings in money to the corporation, by a get rich quick author.

Check with an accountant for proper definitions.

Answer 2

There are two issues here. One is the legal transfer of the car's title. You go to the department of motor vehicles and have them cancel the current ownership and issue the title to the corporation. They will need appropriate documents to prove that you are capable of making the transfer, for example, you are the car owner and you can also sign for the corporation as an officer.

The other issue is recording the value of the car on the corporation's books. It should be recorded at the car's fair value, and the corporation will issue stock to you in exchange for the car. The stock will also be recorded at the fair value of the car. The corporation should depreciate the fair value of the remaining useful life of the vehicle.

Answer 3

"Tax freeeee country"? Well, you'd have to follow the laws of that jurisdiction.

By the way, an "asset" is something that brings in income on a balance sheet. Therefore, unless you are renting out the car, using it for livery service, or selling it for more than you paid, it is technically NOT an asset.