Ok maybe I’m the only one but I’m confused Montana LLC Store in IL Don’t live in either Correct? Sent from my iPhone using Tapatalk
If you are asking if a Montaña LLC can rent property in another state and store property owned by the Montana LLC in that space... I do not see why not ...
Correct Car is owned by Montana LLC Car is stored in Illinois in which I dont reside. Is this completely cool? Or have a chance to cause a problem?
Since you aren't driving the car, make sure the storage facility has full insurance for damage or theft of your collector car.
I don't see why there would be any problem. My personal 'fleet' vehicles are owned by a Montana LLC, stored and driven in California...
I heard your domicile state can come after you and demand state sales tax + interest + penalty. Hence the idea of storing it in non domicile state.
Depends on how well you wish to sleep at night. Me… I paid “the man”. I sleep like a baby. Best , Kirk.
Yeah that makes sense. The out of state LLC rents cars and I enjoy some benefits - like driving a couple of them. I now remember of a guy claiming he had an audit triggered by a speed ticket. He was clean (his out of state company is actually also renting exotic cars) but that triggered an audit... So if the purpose is solely tax evasion that's probably not a good idea. If there's a legit business behind the company then other states offer advantages that justify the move - lower registration tax being just one of them.
Do most people pay for sales tax? Anyone here use MT llc? I dont mind paying 13-14k in sales tax but anything that goes over 60k... thats a lot. Of course I would explore mt llc only if its legal and kosher. If not, id pay up and sleep well.
IMO if the sole purpose is tax evasion, as an individual, I wouldn't do it: pay tax and sleep well. If there's a legit business behind the MT llc around automotive (development, event, rental...) then it's a different story and the fiscal optimization maybe worth the investment in time and structure. I'm by no mean a CPA or anything close, but morale matters
In this particular fact set, the problem most likely potentially comes from IL. I've not heard that IL has been aggressively prosecuting this matter (certainly not like VA or CA, for example), though. Your state of domicile/residency would only have jurisdiction over the property if it entered into that state (and stayed there for some arbitrary period of time). Although, long-arm jurisdiction is, IMO, one of the issues that is wound up in this question. Sales tax and property tax wouldn't get the same treatment, either. CW
Two ways to be legit 1) Register with Montana LLC however pay use tax in your state. 2) Montana LLC buys car, as in a trust, transfer to you as a family gift and register it in your state, no tax in most states.
California does not charge sales tax on family sales/transfer of vehicles. A transfer of ownership from a family trust to a family member may be tax exempt.
No, but I'm sure there are storage places there or you could get a hangar at Bozeman/Yellowstone airport and do a car storage yourself there and for others if you want. Then drive into Yellowstone national park for fun.
I'm sure many of you here use the Montana LLC strategy of registering your cars. Have you ever had to explain this to an officer before? Specifically, my insurance will be in my state of residence, but the vehicle will be registered in Montana. Does this ever raise questions?