Montana LLC Re-Visited
Hi guys, I recently spoke to someone who became a full timer and the conversation was interesting. He told me that he sold his home in New York and set up a Montana LLC. He then purchased a new MH...
Forum Discussion
msmith1199 wrote:
Effy, there is an APP you can get for your smart phone that allows you to check the owners of airplanes off the tail numbers. Go to any airport that has small jets on the ramp and run the tail numbers through the App. You'll find that many of them are registered to LLC's. The ones that are not registered to an LLC will be registered to corporations and are likely legitimate business jets. But all those LLC's are some rich guys (or gals) jet for their personal transportation and the LLC was formed just to keep the jet in (and maybe the yacht) both for tax reasons and for liability reasons. If John Travolta's jet were to crash and cause a lot of damage, then the injured parties could only go after the assets of his LLC and not his personal assets, as it's the LLC that owns the jet, not him. Travolta's 707 is owned by "Jett Clipper Johnny LLC."
One of the primary tools for a legal and moral use of an LLC is to prevent someone from coming after your personal assets in the event of a lawsuit. That's a MORAL USE.
