Montana LLC Re-Visited

wnytaxman wrote:
Effy, putting your personal motorhome in an LLC would not even remotely translate to you taking deductions on your tax return for it. If you had an accident with your RV and it was not in an LLC, you would expose all of your assets, including your other LLC's to the lawsuit. If your motorhome was in an LLC you would expose only the assets of the LLC, in this case your motorhome, to the lawsuit. That isn't cheating in any way, shape or form. All you are doing is protecting yourself from vultures disguised as attorneys. Again, you are assuming that an LLC MUST be a business and that is simply incorrect. The stated purpose of the LLC can simply be to hold assets. All an LLC amounts to is a protective blanket against lawsuits.

I concede you make a very valid point and I am totally hung up on LLC for a business purpose. But I beleive the bank shares my perspective. Since there is a note on it, they would not allow me to place it under an LLC without a good "reason" and the LLC would have to have proper credit and collateral to support it. Ie: a business. That's why I look at it that way. You are correct, it does not need to be. But for me and my position the bank presses me into that scenario. Were I to own it outright then it would be easier sans title and registration. But I don't use my own money unless I have to. I use the banks. And you are correct, tax implications only really come into play based on the use/service of said asset. And that can be done with or without an LLC. I see your point(s). I feel it's easier to do as an LLC, but not critical. I used my perspective as a generalization and that's usually never good.

Back off the tangent, I still feel - unless under precise circumstances, there is a population of people using MT LLC to evade taxes. I apologize for sort of derailing the topic based on my opinion and circumstances.