Titling a Vehicle in the Name of an Entity
What happens when your customer wants to title a newly purchased vehicle in the name of their business? Or, in the name of their non-business organization? The solution is simple: it boils down to which identification will be recorded on all title transfer forms.
Completing the 130-U
When a vehicle is to be titled in the name of an entity, the buyer may choose what ID information will be included on the 130-U title application form. The buyer may select either their own personal ID information, or they may select the EIN/FEIN of the business. One or the other must be entered on the 130-U.
In order to apply for title in the name of an entity, you will need two items from your customer to meet the ID requirements:
- Acceptable Photo ID – this is the personal identification (such as a driver's license; acceptable forms of identification are listed at http://www.txdmv.gov/photo-id-requirements) of the person who is making the purchase on behalf of the entity.
- Authorization to Sign – this is an item that ties the person in the photo ID to the entity. This may be:
- a letter of authorization on official letterhead; or
- an official business card with the employer and the employee's name.
A copy of each of the items above should be retained in the deal jacket.