Essentially a document proving ownership of a motor vehicle, the vehicle title certificate, also known as the auto title, car title, or “pink slip”, is a legal form filed with the department of motor vehicles of a given state delineating what person, business entity, or etc. owns a vehicle. These documents acquired the nickname “pink slip” because in the state of California, the vehicle title certificate used to be pink.
And yes, business entities may own cars.
For example, if you have a car loan, the bank or other financial institution providing that loan is listed on the vehicle title as the owner until the loan is paid off. The bank or lender is usually listed on the vehicle title as the legal owner, while you, as the recipient of the loan against the vehicle would be listed on the car’s title as the registered owner.
Another function of the vehicle title certificate is to serve as the automobile’s ID card...