No inspection, no taxes, free registration!


#21

If you had an actual reason to form a LLC might not be a bad idea to go this route.

Doing it just to avoid taxes :tif:

However you might have more business advantages with Delaware or Nevada

Im sure people who do this with super cars have enough cash for decent attorneys


#22

Yeah, if you can actually show money going through your LLC I bet you’d be in the clear. If you’ve got income, expenses … some kind of paper/financial trail that shows it wasn’t setup just to avoid your state taxes on your vehicle purchase that’s a different story.


#23

How do the insurance rates differ?


#24

There is no way its higher then NY

I don’t know this but if you’re a LLC I would imagine you can’t just standard car insurance? Curious about coverage for people not listed under the insurance policy.


#25

You sure? It’s now registered to a corporation. That brings in a whole bunch of issues for an insurance company.


#26

I just ran it on Geico for a LLC $1371 a year

No drug tests/background checks etc for employees
Owner driving
full coverage

Just did a 2012 Grandcherokee


#27

My car registered under my name and me as a driver was $2000 a year, but instead I registered it under my businesses name, and put myself as the main driver, and it was only $1200.


#28

Anyone can insure a car FYI, the owner doesn’t matter. If you want you can put insurance on my viper even though I own it and have no relationship to you. If it was a total loss the LLC would not get paid. SO if you’re take a loan out on a car that would be the only issue, because it wouldn’t be in your name. That is why ca$h is king. :slight_smile: To help protect the LLC though you’d want it insured through the business.

All you have to do is use your LLC for some sort of business. If you have a gun, baseball card, tv, car, hunting or any other hobby you could set up a bank account in the LLC’s name toss some money into it and have the LLC own some toys. Then say you were trying to buy/sell them in your spare time to create revenue for the LLC. You’re business doesn’t have to be successful lol.


#29

I don’t understand people who would do this. How fast would you lose a lawsuit if you were to hit someone? Same thing with getting rear-ended when you have dark tints on your tail lights.


#30

i thought this was blue eye devil posting for a moment.

Wal-mart is incorporated in Delaware even though they are from Arkansas. Tax avoidance is not tax evasion.


#31

And you think someone buying 10-30k cars on here has the lawyers on staff to pull this off that Walmart does?

PS… I bet Walmart is actually doing business through that incorporation in Delaware, at least on their corp books.


#32

Walmart actually runs all business through the Delaware corp. Tons of companies do because of the business friendly laws in that state.


#33

You guys are comparing two different thing

Everyone opens LLCs/Corps in other states from where they live it has tons of advtanges.

If your just opening a LLC in some state and registering a car not pushing any money through the company that could be looked at as tax evasion.


#34

There are hundreds of thousands of corps registered in Delaware, and to a lesser extent Virginia, that have never done any business there.


#35

No way lol

I said OPEN A LLC for the sole purpose of registering your car to avoid taxes


#36

Maybe, but I bet they actually DO business and aren’t just shell corps setup by an individual avoiding some sales tax. That’s my point.


#37

This would have been a good question for Romney


#38

Romney’s cars have Grand Cayman plates registered to a blind trust in the Isle of Man and paid for by a bank account in the Seychelles.


#39

i think we’re all basically agreeing other than I’m suggesting that doing this will likely fly below the radar and even if it doesn’t likely wont result in jail time for minor tax offenses; contrary to what Jay suggested but you were probably exaggerating a bit anyways.


#40

I’m sure someone on here could find a way to fuck this up.

However I do agree with bing its probably hard to get noticed with this I would feel better pushing some cash or some “consulting” business through the company.