Skid Row Joe wrote:
NYCgrrl wrote:
mich800 wrote:
Skid Row Joe wrote:
rockhillmanor wrote:
QUOTE: I think we whittled down our choice of state for residency as Florida but we are considering the Montana LLC to make the purchase.
well.....using a Montana LLC "IS" tax evasion.
Uh......no, there's nothing illegal pertains Montana LLCs, or ANY other State's Rights LLCs. Anyone can open an LLC in ANY State they want to - not just Montana. There are tons of LLCs in the States of Nevada and Delaware, for example that are used for huge corporations in any of the other 48 States.
Very true. There is nothing wrong with at Montana LLC. Thousands of business use a LLC as their legal corporate structure. My business is a C corp because I could not get the protections I needed if I registered as an LLC, S corp, or sole proprietorship.
I incorporated as an "S" corp but actually had a business to protect.
My financial advisor is Dave Ramsey, and he advises/opens a new LLC every so often to keep assets separate from others. There's nothing better than an LLC in any State, although Nevada, and Delaware are at the top of my list. LLCs are totally legal, there's nothing wrong with registering your RV with one either - in your State of choice. It's really easier to keep your expenses separate anyway.
Sorry but unless you coincidentally happen to have a real advisor named Dave Ramsey, you are referring to a radio huckster. As for all the fantasy "protections" provided by your LLC, good luck with that.
Ever sign a personal guarantee in any lending agreement? Ever know anybody left devastated after a judge awarded all their personal assets to creditors, even though they were allegedly protected by their magical "LLC"? Ask a bankruptcy lawyer, or county judge, how many times they have liquidated the assets of those who had significant holdings, or small businesses, and thought they were bulletproof due to their magical superman cape with LLC printed on the back.
Countless times though the years I have stood at events and picnics, listening to loudmouths proclaim how smart they are hiding everything in their LLC. I generally just write it all off as clueless bluster. Every so often you get to hear the end of the story. In the most recent case it was a friend of the family who had a great, high paying, thirty year career in education, and was heading for retirement. She and her husband co-owned a medium sized trucking company that was hit hard in the downturn. She always said that in the end she would never lose anything they personally owned that wasn't related to the company, since it was an LLC. As expected, the guano hit the fan, and the company failed. The judge didn't really seemed to be all that impressed with their "we are hiding behind a corporation, and you can't touch us" theory. They lost almost everything, including a paid off house. After a lifetime of hard work they have an old car, some household goods and her pension. They rent a small apartment.
Heck of a lesson to learn. Maybe she should of listen to more talk radio hucksters, eh?
