HomeCan a 17 year old buy and own his own car under his own name and liability?
Wiki User
2015-07-14 16:06:49
2015-07-14 16:06:49
Depends on what state you live in. In most states the answer is yes. Call your State Attorney General for the answer.
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You can buy a car under your small business. You have to register the car and insurance under the name of your business.
Yes, you can buy liability coverage for almost any car. You may not be able to buy comp or collision though.
When you buy an option, you are buying an asset, and do not have a future liability. When you write an option, you are potentially incurring a future liability Thus you need some assets to back this liability.
Loan acquired to buy an asset is a liability of business so interest incurred on that loan is also part of that loan and that's why it is also the liability of business.
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