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The car does not necessarily have to be registered under the company name as long as all the payments are made from the company and not personal funds (according to my accountant here in NY). With regards to purchase vs lease, it is much more preferable to lease a company vehicle vs. purchase as you are able to depreciate the whole cost of the lease as compared to only depreciating the car on the purchase of a theoretical $16k car. So if your car costs more than ~$20k, then it makes much more sense to lease. It is a weird quirk in the tax law.
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