[nowhereman427]

What is LLC?

[moguldreamer]

Originally Posted by nowhereman427

What is LLC?

If only there were a web thing where you could type in a question, "What is an LLC?" ... and then the web thing would give you the answer.

[VLWH]

Originally Posted by nowhereman427

What is LLC?

Originally Posted by moguldreamer

If only there were a web thing where you could type in a question, "What is an LLC?" ... and then the web thing would give you the answer.

https://letmegooglethat.com/?q=LLC

[mborner]

Originally Posted by moguldreamer

Step 1. Form an LLC in Montana.
Step 2. Register the vehicle in Montana in the name of the Montana LLC.
Step 3. Your LLC pays modest LLC fees in Montana, and pays modest registration fees in Montana.
Step 4. Receive your Montana license plates overnight via FedEx

You're good to go. Because the LLC is domiciled in Montana and does not move to Nevada, the vehicle does not need to be re-registered in Nevada.

This is why that is a very, very bad idea.




https://www.youtube.com/watch?v=ebDF-C7GJec

[Camaro5]

My personal opinion is that this Montana thing is ridiculous. It's a lot of work just to save some money and you're defrauding the state to boot. I would not want to drive around with Montana plates and have to explain why to a cop if I got pulled over.

Further, and I'm not trying to seem righteous or anything, but we don't pay state income tax here and we don't pay tolls, and our license fees support the state. You have to be pretty cheap and indignant to want to live here and skate on license fees while everybody else pays up.

If you want to be cheap and use Montana plates, go live in Montana.

[moguldreamer]

Originally Posted by mborner

This is why that is a very, very bad idea.




https://www.youtube.com/watch?v=ebDF-C7GJec

First, I haven't done the Montana thing.

Second, I watched the 18-ish minute video in its entirety, and learned zero. It was informational to the uninitiated, but otherwise useless to someone who has done even basic research on the matter. Everything he said is true, but also fully disclosed by attorneys in Montana who do this for a living.

Third, the insurance issue he discusses in the video, while true, is a red herring. Your LLC buys insurance on its asset (the car), just as LLCs of operating companies everywhere in the USA purchases insurance on their assets. You don't just call State Farm and ask to add your hypercar added to your personal policy; you buy appropriate business insurance including a business umbrella policy. For example, I know a heart surgeon who owns a medical practice with a half-dozen physicians and probably two dozen other employees. He has business insurance for his business. He also shows up every now and then at Cars and Coffee with an exotic Hypercar owned by his business. There are issues, and he takes care of the issues lawfully.

[moguldreamer]

Originally Posted by Camaro5

My personal opinion is that this Montana thing is ridiculous. It's a lot of work just to save some money and you're defrauding the state to boot. I would not want to drive around with Montana plates and have to explain why to a cop if I got pulled over.

Further, and I'm not trying to seem righteous or anything, but we don't pay state income tax here and we don't pay tolls, and our license fees support the state. You have to be pretty cheap and indignant to want to live here and skate on license fees while everybody else pays up.

If you want to be cheap and use Montana plates, go live in Montana.

I tend to agree with you. No one likes having to pay for registering a Ferrari or GT3 or Rolls, but that's the price tag of owning an expensive toy.

[ragabnh]

I just paid $750 on a 2017 Lexus LX570 SUV

[Tornado Baby]

It’s one reason why I’m driving a perfectly good 2006 Taurus with 80k miles instead of falling for the hype of new cars. My registration is $108 a year. It is garaged and I drive less than 2000 miles a year so insurance is good, too. I fill my tank every 3-4. On the. I see some of the vehicles on the roads here and wonder how anyone can afford to drive them. If one has to commute and have the latest and greatest, it costs a bomb.

[Willy702]

Not that I'm suggesting anyone do this but a friend of mine has gone the South Dakota route. They are famous for the 1-night residency and the lack of smog checks for cars, not to mention reasonable insurance rates. My friend spends about 5 months in Vegas, 3-4 months on the Gulf Coast, and the rest of the year traveling internationally. Note he spends no time in South Dakota. He said he's been pulled over twice in Nevada and he told the officers I just spend winters here and got no issues from it.