Stuckonstupid

How can one get a dealers license in a state they don't reside in without having a "lot" or "showroom" to substantiate having a dealers license? I personally have looked into getting a dealers license in Virginia to dodge property tax, not because I want to sling used cars or buy **** at an auction, but merely because I tend to switch vehicles a few times a year and it was not financially viable.

jstrahn

Our there's always the novel idea of going by the book and paying your taxes. Just a thought.

tomtbone1993

iTrader: (3)

I can't speak for VA. I am not familiar with their tax code.

JPD Motorsports

Dealers license without actual dealership is quite easy if you want to "partner up" into one.. Look into creativeautobusiness.com or dealer link etc..

NORTECH-ANGLER

I have opened up a llc for boating dealership. But, speaking to others that have done this in florida it's not very successful. I hear this has been a huge issues with all patrol. I have heard that patrol watches all boaters registration numbers. If, they notice you boat more than 90 days in florida regardless of whether or not you are a TRUE dealer of not they will slap a sticker on your boat giving you x amount of days to register your boat and pay the taxes due or remove it from florida waters.

This loop hole is a huge revenue issue with the state of florida. Everyone is going all out to get any and all money they can from everyone.

NASCAT

I've used the equity line to address interest but believe USCG Vessel documentation will also help you avoid the sales tax thing as long as you bought out of state.NC has sales tax & annual recurring Personal Property Tax. As long as your boat isn't in a marina or dry storage an out of state purchase & vessel documentation should help.

To my knowledge NT Angler the best way to write a boat off as a business expense would be via entertainment. So as long as you can keep a log as to who you had on the boat, when & are able to explain how entertaining NASCAT could benefit you / your business then you are good. A CPA friend of mine said just keep records, write down names You interact with & record the dates they were on your boat. I've done something similar w/ Poker Runs almost as if. I offered a PR experience for a fee. The fee represents the cost of the entire event divided by all parties present. My insurance agent wasn't real happy about this b/c he said I can't have a personal ins policy then charge others money, that would require a commercial policy. Long story short my cat insurance w/ agreed value was barely $2500/yr No exclusions & I told him I didn't make $$$ just divided the actual expenses amongst all parties that attended.

I have a SubChapter S Corp, not an LLC. I also have an umbrella policy.

kidturbo

Speaking as someone who has held a dealers license more than once, I kinda like sydways idea better....

Biggest advantages to dealers license come in to play if you like to trade toys often, or have a couple good friends who like to trade and you all go in together. No sales tax and you can drive a new Vette under the same insurance as any old beater.. Plus you can buy/sell at wholesale auctions on the side.

However depending on the state, it's not just a piece of paper. IE; "Ohio" you have to maintain a lot and posted business hours, FL your gonna put up a big cash bond, and so on... So unless your flipping some major hardware every year, the advantages can be outweighed by the responsibilities that comes with holding that license. I dropped mine some years back because other family members hold one if I actually need access.

Now the corporate side can be just as advantageous when done correctly. Good research pays off here. From a business standpoint and boats, advertising on it is one angle, but my father "a financial adviser" just kept a ships log and always had clients / buddies onboard. Amazing how much fuel, beer, and maintenance your clients can legally drink up every year.

boatme

for you guys who think an LLC can be created for ONE person. I have a letter from the IRS that shows you must have TWO to make a LLC legit

I tried to attached letter from IRS to a customer of my accountant (He whited out the client info so he could share it) I can not post it here as i no longer am a paying member

Apparently you MUST have at east two partners to make a LLC legit

NASCAT

And this is not the case w/ a Sub Chapter S Corp

boatme

True

I am an S corp and have been since the 80's