Sailing_Journey
New member
Hi there,
About to close on a Baba 30, but have questions about LLC incorporation. I want to protect the boat from any judgments from debt collectors putting liens on it (no such judgments now, but just in case), reduce liability, and increase privacy. Total cost is around 350 USD, so not bad, but just curious if anyone has done this process. I also need a Tax ID number, and need a business created anyway.
My question pertains to the purchase process, and how much of a pain it is to maintain business status versus just having personal ownership. I also heard there are tax right offs? Has anyone done this to protect their privacy, and if so, did you do it before purchase, or did you transfer from personal ownership? If you transferred from personal ownership, wouldn't that leave a paper trail so that entities could find who owns the LLC anyway? What are the pros and cons of doing this versus private ownership? Just want to hear from those with real-world experience doing the process.
Philip
About to close on a Baba 30, but have questions about LLC incorporation. I want to protect the boat from any judgments from debt collectors putting liens on it (no such judgments now, but just in case), reduce liability, and increase privacy. Total cost is around 350 USD, so not bad, but just curious if anyone has done this process. I also need a Tax ID number, and need a business created anyway.
My question pertains to the purchase process, and how much of a pain it is to maintain business status versus just having personal ownership. I also heard there are tax right offs? Has anyone done this to protect their privacy, and if so, did you do it before purchase, or did you transfer from personal ownership? If you transferred from personal ownership, wouldn't that leave a paper trail so that entities could find who owns the LLC anyway? What are the pros and cons of doing this versus private ownership? Just want to hear from those with real-world experience doing the process.
Philip