If you're looking for facts, not hearsay and rumor, about LLCs and movable property, you've come to the right place. Find out how individuals, families, and trusts can save thousands of dollars managing movable assets, just like corporations do. MovableProperty.net was built by experienced Registered Agents to help people just like you.
|On The Road With an RV and a MT LLC|
|Written by B McKenzie|
|Monday, 27 September 2010 13:55|
The lure of the open road. The freedom of the skies. Whatever dream it is youÃ¢â‚¬â„¢ve chosen to follow, the tools you use to get there are among your most valuable possessions. Unfortunately, if youÃ¢â‚¬â„¢re like most people, you arenÃ¢â‚¬â„¢t fully aware of how to best look after such assets and the financial investments they represent. ThatÃ¢â‚¬â„¢s why you need a seasoned Registered Agent to works with you to create a plan which protects both your properties and your money. MovableProperty.net is here to help with up-to-date information, forms and success stories. Keep reading to discover how RV owner Dave saved $30,000 in taxes.
YouÃ¢â‚¬â„¢re not alone. According to the Recreation Vehicle Industry Association (RVIA), a University of Michigan study found that one in twelve American families now owns a RV (http://www.rvia.org/Content/NavigationMenu/RVFactsNews/FAQs/default.htm). This number rose more than 15% between 2001 and 2005. The Airport Owners and Pilots Association (AOPA) says there are over 229,000 private pilots licensed in the United States (http://www.gaservesamerica.com/about/pilots.html). Moreover, many Americans own and collect exotic cars for their personal enjoyment. ItÃ¢â‚¬â„¢s becoming less and less unusual for people of all walks of life to own what used to be considered luxury recreational vehicles, and to use them regularly as part of the new American lifestyle.
In fact, many people own such an asset, one which provides them with freedom and mobility that isnÃ¢â‚¬â„¢t always restricted by state lines. You could be one of these people. And with the ownership of such assets, you may also have questions as to the best ways to manage them. The laws and regulations governing these possessions arenÃ¢â‚¬â„¢t always clear.
A LLC success story
How does Movable Property help its clients? When an individualÃ¢â‚¬â„¢s or familyÃ¢â‚¬â„¢s assets are mobile and donÃ¢â‚¬â„¢t reside in a single location for most of the year, itÃ¢â‚¬â„¢s in the ownerÃ¢â‚¬â„¢s best interest to register those assets in the least financially demanding location. Often, Movable Property finds that creating a LLC, or Limited Liability Company (as opposed to a corporation), is the wisest route to go. But this can be a complex process, and the focus of Movable Property is to guide their customers through it as smoothly and as easily as possible.
Deer Creek Corporate Services, located in Helena, Montana, is one of Movable PropertyÃ¢â‚¬â„¢s sponsoring partners. On their website, they provide an interview with a client, Dave, who saved tens of thousands of dollars by using the services of Deer Creek to register his high-end RV (http://www.youtube.com/watch?v=LKColik_AGE).
For Dave, the process was easy. He recounts his experience this way: Ã¢â‚¬Å“I left Phoenix at about six oÃ¢â‚¬â„¢clock this morning. I flew in hereÃ¢â‚¬Â¦ [an associate] was kind enough to drive us aroundÃ¢â‚¬Â¦ We walked in, got our new driverÃ¢â‚¬â„¢s license. [They] got the LLC to me within a dayÃ¢â‚¬Â¦ I fly out this afternoon. Done. Really a one-stop shop.Ã¢â‚¬Â
By using Deer Creek to help form the LLC, among other advantages, Dave saved 6% sales tax on a $522 K motor home, or more than $31,000, and he hardly had to do any work at all. The company did almost all of the tedious leg work for him. Dave says, Ã¢â‚¬Å“Ã¢â‚¬Â¦what I like is [Deer Creek] took care of everything for me. [They] made an appointment at the DMV for me; I went in, got my license, walked out, went and had a good cup of coffee on my way to the airport.Ã¢â‚¬Â
DonÃ¢â‚¬â„¢t try this at home
With the help of the right organization, the process can be easy. Still, however, there are different laws for every state, and you need a knowledgeable guide to help you navigate them. Little is as frustrating as trying to read through reams of legalese and attempting to figure out how it applies to you. WhatÃ¢â‚¬â„¢s even worse is if, because of an overlooked page or an obscure law, you find yourself not in compliance with regulations.
It gets even more complicated when, like Deer CreekÃ¢â‚¬â„¢s customer, Dave, you have mobile assets in several states, or are in fact mobile residents. In this case, Deer Creek was able to use their expertise in interstate commerce and the formation of LLCÃ¢â‚¬â„¢s to move their customer right through the legal process.
Sponsors like Deer Creek offer a wide variety of professional services, ranging from the DMV guidance and LLC formation mentioned above to managing many of the details of the LLC once itÃ¢â‚¬â„¢s formed, including legal compliance and filing annual reports. ThatÃ¢â‚¬â„¢s not to say there will be an avalanche of minutiae posed to tumble as soon as the dotted line is signedÃ¢â‚¬â€Moveable Property and its affiliates work to keep their customersÃ¢â‚¬â„¢ concerns to an absolute minimum, even after the initial processes have taken place.
Even so, the law demands that any company registered within a state must also have a Registered Agent within the state. This means that not only is it ill advised for you to try to create an LLC on your own, itÃ¢â‚¬â„¢s also frequently illegal. Moreover, although an LLC is a great advantage to property owners in states with little or no income taxes, some states actually charge extra tax on an LLC. For property owners who travel as a lifestyle, the need to understand all these ins and outs can make life very complicated indeed. Moveable Property helps eliminate this complication in a professional and safe manner by making you an informed consumer.
A little help from your friends
As of September, more than 228,000 new towable RVÃ¢â‚¬â„¢s and more than 28,000 new motorhomes have been sold in the U.S in 2010 (www.RVIA.org). There were nearly 222,000 general aviation aircraft registered in 2007, according to the most recent numbers offered by the FAA (www.aopa.org). And a drive through any major city and its surrounds would demonstrate an ongoing passion for exotic sports cars nurtured by those who can afford them.
The people who own these vehicles, who have made a decision to purchase their properties as a way of accessing the lifestyles they wanted, come from a variety of backgrounds. Rich, poor, young, and old, some of them look a lot like Dave, or like you. All now have a common need: a helping hand to lead them through the requirements that come along with ownership. Some of the owners may have the experience necessary to do this on their own. Most do not.
Each of these properties represents a significant investment. With other financial investments, the wise investor knows to defer to the trained professional for important decisions, be that professional a banker or a stockbroker. Here, too, the wise consumer should look to those who have an extensive background in the business. As more and more vehicles of this type are purchased, there comes a greater and greater need for those experts, but also a greater need for personal attention to individual situations. MovableProperty.net is your one-stop shop designed to provide access to such expertise.
|Last Updated on Monday, 27 September 2010 14:22|