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Boat title under Corporation or LLC?

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Old 03-01-2006, 11:15 PM
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Default Re: Boat title under Corporation or LLC?

Inc.

For many thousands of reasons. All good ones. What is funny, all those reasons even though they basically look the same are different. Different serial numbers.

No one ever sent me a Christmas card or thank you note for paying taxes.

At least a bum on the street says thanks.
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Old 03-02-2006, 12:29 AM
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Default Re: Boat title under Corporation or LLC?

I think that this started out as doing it for Liability no? It would seem that if you can get the liability away from you the costs of having to file and set up your LLC or INC or what ever would be worth it. I mean some of these guys are looking at over 15,000 a year in insurance!! Others just flat out can not get insurance. So if you do not care about the write off how does this help?

Jon
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Old 03-02-2006, 06:36 AM
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Default Re: Boat title under Corporation or LLC?

Jon,
In VA a 75,000 dollar boat carries around $1,500.00 in tax to buy/register the boat. The annual personal property tax in my county is almost $1,000 PER YEAR. Forming the corp cost me $300+ the first year and around $150 per year after that. If your in a state that doesn't have those taxes then there is no real benefit to doing it my way.
Russ C

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Originally Posted by Audiofn
I think that this started out as doing it for Liability no? It would seem that if you can get the liability away from you the costs of having to file and set up your LLC or INC or what ever would be worth it. I mean some of these guys are looking at over 15,000 a year in insurance!! Others just flat out can not get insurance. So if you do not care about the write off how does this help?

Jon
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Old 03-02-2006, 08:01 AM
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Default Re: Boat title under Corporation or LLC?

A Inc or LLC may form a vehicle for tax avoidance but not a veil for being irresponsible. The boat does not operate itself. Any suit for damages resulting from an accident or negligence would be aimed at the operator. Especially with an LLC. They would shred that apart in a NY minute.

If your income is big enough you can hide some gas bills and a few ancillary expenses here and there. But you better have the documentation that the use was for business or customer benefit. There is a fine line between tax evasion and tax avoidance. Tax evasion does not always mean just writing a check for the tax difference, they put people in jail.
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