What is the Difference Between Company-Owned and Privately-Owned Vehicles?

[NicoleFitz]

The differences between company-owned and privately-owned vehicles are as follows: 1. Different payment responsibilities: For company-owned vehicles, the company should pay the purchase price. For privately-owned vehicles, the individual should usually pay the purchase price. 2. Different property ownership: Company-owned vehicles should belong to the company as purchased property. Privately-owned vehicles usually belong to the individual as purchased property. 3. Different impacts on creditors: Vehicles owned by the company are considered corporate assets, and creditors of the company's external debts can legally apply for preservation or execution of these assets. Vehicles owned by individuals are personal property, and in most cases, creditors of company debts cannot apply for preservation or execution of these assets.