I was casually talking with a dealer today and mentioned that once the DW retires I'd be setting us up as an LLC maybe thru Montana. He said that he'd had several deals fall thru once the finance company found out the buyer was setup as an LLC. Has anyone had/heard of this being an issue. I'm looking at maybe financeing thru ESSEX which is now owned by COSTCO.
R12 said
02:59 AM Mar 18, 2013
The lawyer for one of the groups that set up LLC's told me that the vehicles would have to be registered and titled in the corporation name. My credit union would not allow me to take a regular loan but insisted that it had to be considered a business loan because of the above. I didn't research it any further so that's all I know.
Alie and Jims Carrilite said
01:16 PM Mar 18, 2013
There are several states that are going after residents that have done the LLC route. They are considering it a form of tax evasion, because the corporate tax level was less than personal. But the vehicles were/are being used for personal use.
Racerguy said
05:19 PM Mar 18, 2013
Be prepared to transfer every thing you do to Montana if you go the LLC route.Go to the main page here and look up "we've made the decision, now what" Howard who is an Attorney did a very good job of laying out the whole Montana LLC deal. As stated above if you are only doing it to save sales tax on buying a motor home and not truly operating a legitimate LLC be very careful. It can be very costly and with States looking for every revenue source possible they will look very close at you.
-- Edited by Racerguy on Monday 18th of March 2013 05:21:11 PM
offroad said
08:25 PM Mar 18, 2013
if you run a business out of your RV, you best have documentation of the activity. Corporate america is the big winner, not you workers.
I was casually talking with a dealer today and mentioned that once the DW retires I'd be setting us up as an LLC maybe thru Montana. He said that he'd had several deals fall thru once the finance company found out the buyer was setup as an LLC. Has anyone had/heard of this being an issue. I'm looking at maybe financeing thru ESSEX which is now owned by COSTCO.
Be prepared to transfer every thing you do to Montana if you go the LLC route.Go to the main page here and look up "we've made the decision, now what" Howard who is an Attorney did a very good job of laying out the whole Montana LLC deal. As stated above if you are only doing it to save sales tax on buying a motor home and not truly operating a legitimate LLC be very careful. It can be very costly and with States looking for every revenue source possible they will look very close at you.
-- Edited by Racerguy on Monday 18th of March 2013 05:21:11 PM