Discover the expert in you.
Discover the expert in you.
On Dec. 19, 2008, President George W. Bush announced a plan to aid auto manufacturers in order to stabilize the industry. The president's plan required automotive companies requesting a loan to develop a restructuring plan to achieve economic viability. The companies signed an auto aid agreement, or Treasury term sheet, to comply with the repayment terms of the loan.
In Ireland and throughout the EU, VAT, or value-added tax, applies to short- and long-term car rentals, including leasing arrangements. However, a few exceptions to the obligatory VAT exist when leasing a car in Ireland, whether for business or personal use. Factors such as nationality and the purpose of the rental determine taxation.
When you don't want to rent something for an extended period, your best option usually is some form of a short-term lease. These leases have some differences when compared to long leases but still can be beneficial for both you and your lessor. If you're trying to decide whether a short term lease is right for you, examining these benefits along with basic facts on short term leases is a good starting point.
Making the decision to lease an automobile requires drafting an appropriate auto lease agreement. Although the laws regarding leasing vehicles vary slightly from one state to another, the general provisions necessary in an auto lease agreement are the same. A written agreement clarifies the obligations of both parties as to the lease of the automobile. Failure to include all basic elements of an auto lease may result in the entire agreement being unenforceable.
A personal automobile can be a legitimate business expense you can claim on the tax return for your business. And technically it can be leased to a small business if that small business is an entity and if you can act as a lessor in your state. A small business is considered an entity if it's been incorporated, usually with the help of an attorney. Your small business will need a corporation name, registration with the state and separate income accounts in its name.
When you are in personal bankruptcy, your estate is under control of a trustee. The trustee reviews all decisions made on behalf of your estate, including finances, purchases and sales. The trustee then makes a recommendation to the bankruptcy court, which makes a final decision regarding your bankruptcy estate. To lower an auto lease payment while in bankruptcy, you will need approval from your bankruptcy trustee and ultimately the bankruptcy court.
