New York | Business Law
Legal Question
Illegal? Would really love some advice on this.
Hello Sir/Madams,
I have posted this a while ago but now it's a little more complicated. I am working out deals with dealerships and in exchange they will give me a car. I believe in NY you can only sell 3 cars without a license so here is my question.
If I get 15 cars(1 from each dealership) will I be able to sell all of those cars or does the law restrict it to 3 cars? What if I never title them in my name and just sell them?
Is it ok to sell them since the cars would be considered income anyway so I'm only selling my income(if this makes sense)?
Would the value of the cars be considered the cost of doing business and become tax deductible when selling?
Technically the services being provided will be done by my corporation. Can I ''filter'' the money through the corp or do I have to take it as an individual?
What if the dealerships sold the cars to me for less than normal value, would it be considered income then and does this affect me selling the cars?
I really really need help with this since I don't want any tax problems or jail time.
P.S. Not implying or trying to do anything illegal just trying to figure this out so I know what to expect.
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Read More Answered By: Bunji Fromartz |
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