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Discussion Starter #1 (Edited)
Registering MP-4 12c in Montana
Has anyone on the forum living in the US, registered their Mclaren (or any other exotic for that matter) in Montana, Wyoming, etc using the LLC "model" for "tax purposes"
If you have:
Are there any negatives of doing this?
Has anyone found a reputable company/attorney that they would recommend (you may PM with this)
AND MOST IMPORTANTLY.... How do you insure your car, at your home state? with your usual insurance company, or do you somehow have to insure in montana? is there some sort of loophole that must be followed? Does that increase cost of insurance because it's under a business, or can you still insure it under your name. For example let's just say that I live on the east coast in one of the "New" states.
If pulled over by police, will they be questioning why I have Montana tags on my car, and I'm insured at one of the states that starts with "NEW"
Will my insurance company give me any hassles?

Sorry if this is a "fragile" question, but I just have a real difficulty justifying paying 20k in sales tax, for no reason, esp now with what all of our regular taxes have been increased to.
God forbid you work hard, put yourself through school, work through school, so you have no government loans, but now Obama thinks we should be punished for working hard. I won't get into politics though

Forum: McLaren MP4-12C (P11) Post New Thread
 

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I know an aquaintance who does this. He owns multiple corporations including a couple in Montana so it was easy for him to have the vehicles registered there. He owns 15+ cars and a couple of RV's so it made sense to him. Let me see if I can in touch with him.

Regarding your last comment: We have being paying sales taxes on our cars long before Obama. You obviously are intelligent enough to be sucessful. So use your brain and please leave your juvenile comments about politics out of this discussion(which u claim you won't do after you already did):rolleyes:
 

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I would not do it and I am a lawyer. Given the huge emphasis on tax collecting at present (oops, I better be careful to use my brain) , I would not touch it. I have had some exotic dealers tell me stories of customers getting audited of late.

Many states say the issue is simply where the car is garaged. If neither myself or my car had never been in Montana , I would be nervous . Just me and not legal advice.
 

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Registering MP-4 12c in Montana
Has anyone on the forum living in the US, registered their Mclaren (or any other exotic for that matter) in Montana, Wyoming, etc using the LLC "model" for "tax purposes"
If you have:
Are there any negatives of doing this?
Has anyone found a reputable company/attorney that they would recommend (you may PM with this)
AND MOST IMPORTANTLY.... How do you insure your car, at your home state? with your usual insurance company, or do you somehow have to insure in montana? is there some sort of loophole that must be followed? Does that increase cost of insurance because it's under a business, or can you still insure it under your name. For example let's just say that I live on the east coast in one of the "New" states.
If pulled over by police, will they be questioning why I have Montana tags on my car, and I'm insured at one of the states that starts with "NEW"
Will my insurance company give me any hassles?

Sorry if this is a "fragile" question, but I just have a real difficulty justifying paying 20k in sales tax, for no reason, esp now with what all of our regular taxes have been increased to.
God forbid you work hard, put yourself through school, work through school, so you have no government loans, but now Obama thinks we should be punished for working hard. I won't get into politics though

Forum: McLaren MP4-12C (P11) Post New Thread
So what's wrong with paying taxes, yes it does hurt, yet its a true necessity. I do have some harsh opinions on both taxes and the way governments go about running things. The truth of the matter is, we all have to contribute one way or another, so that we can enjoy those pristine open roads in which we drive out cars. One thing that truly pisses me off, is a tax evader, especially if its someone who is super rich. Hmmmm just like the Wesley Snipes of the world everyone needs to pay rich or poor. I just can wait to see what's going to happens next. Cheers....??
 

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Bluensx - On Montana registration - Just don't do it. A few people, mostly RV owners, were prosecuted criminally in Colorado a few years ago for registering their vehicles in Montana. Charges were centered around tax evasion. It is just not worth it - especially since your McLaren will have its photo taken thousands of times per year and won't exactly "blend in". I've had my car for five months and it and its license plate appear on the web on no fewer than 10 sites. Check http://www.exoticspotter.com and I'll bet you find one of your own there too. It also has its picture taken at least one time per minute on the road.

Bankrupt states will find a way to raise more money and you will be an easy target. The cost of your legal defense alone will far exceed your sales tax savings - which you will end up paying anyway if you are prosecuted.

Colorado even has a state government site with a FAQ that says, "How do I report someone I believe is evading paying Colorado State taxes on their motor vehicle license registration (i.e. Montana license plate on an RV of a Colorado State resident)?" See link: http://www.colorado.gov/cs/Satellite/Revenue/REVX/1251573173129#2

Yep! Pretty aggressive. New Jersey / New York / New Wherever won't be far off.

I don't think there was any problem with insurance, however. The insurance company will insure you, and not the LLC, since there has to be a primary driver with a license and some sort of driving record on the policy. You can pay via the LLC, however, but you personally will be the insured. This may be different for a true company insurance policy, which I did not investigate.
 

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Discussion Starter #6
Thanks for the answers .. Wow stirred up a lot.! N8te, tmb1 thank you very much.

Extreme ride: I am by faaaar from super rich! Live in a small home, non lavish life.
And the poor do not pay taxes in this country, we pay everything for them.
I don't want to get on your bad side, as I am new here, but if "everyone" paid taxes we would have much less of a problem
"But right now, the fact (is) that according to the Committee on Joint Taxation, 51 percent -- that is, a majority of American households -- paid no income tax in 2009. Zero. Actually, to show how out of whack things have gotten, 30 percent of American households actually made money from the tax system by way of refundable tax credits -- the Earned Income Tax Credit, among others. So 51 percent of American households paid no income tax in 2009, but 30 percent actually made money under the current system."
 

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I find that the ones who complain about taxes the most are the ones who are usually living outside their means. If 20k extra on top of your 280k purchase is an annoyance, you probably shouldn't be buying a depreciating exotic car. Take that money instead and invest it in future endeavors so that you get to a point in your life where you don't spend your thoughts obsessing over taxation (you can pay someone to do that for you). Best.
 

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I have to agree with Bluensx on the tax issue. I think those who worked hard for their money care if it is wasted by our government, even if we have plenty of money to spend (but not waste).
 

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Thanks for the answers .. Wow stirred up a lot.! N8te, tmb1 thank you very much.

Extreme ride: I am by faaaar from super rich! Live in a small home, non lavish life.
And the poor do not pay taxes in this country, we pay everything for them.
I don't want to get on your bad side, as I am new here, but if "everyone" paid taxes we would have much less of a problem
"But right now, the fact (is) that according to the Committee on Joint Taxation, 51 percent -- that is, a majority of American households -- paid no income tax in 2009. Zero. Actually, to show how out of whack things have gotten, 30 percent of American households actually made money from the tax system by way of refundable tax credits -- the Earned Income Tax Credit, among others. So 51 percent of American households paid no income tax in 2009, but 30 percent actually made money under the current system."
Well Bluensx it's sounds like there needs to be a major overhaul of your taxation system down in the US of A. I can't understand how this things can be happening, nor do I. Well I hope things start to get resolved and that things can return to normal. Cheers.....??
 

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I find that the ones who complain about taxes the most are the ones who are usually living outside their means. If 20k extra on top of your 280k purchase is an annoyance, you probably shouldn't be buying a depreciating exotic car. Take that money instead and invest it in future endeavors so that you get to a point in your life where you don't spend your thoughts obsessing over taxation (you can pay someone to do that for you). Best.
BS. It is not about complaining about taxes. It is about waste and bloat and pigs feeding at the trough. If you would like to pay for waste please take my share. And I consider myself socially liberal albeit fiscally conservative.

"Living beyond means" is fairly self righteous since you have no clue about anybody on this forum.
 

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BS. It is not about complaining about taxes. It is about waste and bloat and pigs feeding at the trough. If you would like to pay for waste please take my share. And I consider myself socially liberal albeit fiscally conservative.

"Living beyond means" is fairly self righteous since you have no clue about anybody on this forum.
+1 I'll look for any "allowed loop hole" they give me...that said, states are cracking down on this...running deals through a dealer will help limit the pain ala trade in...
 

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+1 I'll look for any "allowed loop hole" they give me...that said, states are cracking down on this...running deals through a dealer will help limit the pain ala trade in...
Except in Michigan USA where there is no trade tax credit for cars bought outside the state. Continental in Illinois did me a solid though.

Both sales tax (acceptable) and annual registration (unacceptable) are painful in some states.
 

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Except in Michigan USA where there is no trade tax credit for cars bought outside the state. Continental in Illinois did me a solid though.

Both sales tax (acceptable) and annual registration (unacceptable) are painful in some states.
Every state in the U.S. has legions of people, just spending their days, looking for new ways to lighten your wallets.:eek:
I read the other day, that one state wants to tax 'all business to business transactions' 5%.... on top of any other taxes levied. This is what happens when your government spends like a drunken sailor and lives over budget.
How long before they institute a special high horsepower automobile tax? I'm sure they are considering it. We did used to have a luxury car tax (in case it's slipped your minds).
:(
 

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How long before they institute a special high horsepower automobile tax? I'm sure they are considering it. We did used to have a luxury car tax (in case it's slipped your minds).
:(
Didn't the Italians do a similar thing and it decimated Ferrari's home market almost overnight. I don't remember the exact statistics but it reduced annual sales by something like 30 or 40% ..... That's a huge amount of sales tax to be missing out on.
 

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For a Montana registration I would also own physical property there (not just an LLC), keep the vehicle out of state and use a double trust. Thats the advice i got from a few folks I know that were recently popped, sought an attorney and were hit with huge fines (> 50k). Sounds like a lot of work.

Edit: perhaps getting your own dealer license might be a better way to go?
 

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Anyone have advice on where to get insurance if you do montana LLC? Is it better to carry insurance in Montana or your home state where the car is normally stored?
 

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Anyone have advice on where to get insurance if you do montana LLC? Is it better to carry insurance in Montana or your home state where the car is normally stored?
NOTE: I am not an attorney.

I think what really matters is that you State where the car is going to be garaged / stored in your policy (that's what they base their risk models on). Also, most insurers require that the owner of the vehicle be named on the policy, so if you have a collector's policy, it would have to be in the name of your LLC.
 

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I think what really matters is that you State where the car is going to be garaged / stored in your policy (that's what they base their risk models on). Also, most insurers require that the owner of the vehicle be named on the policy, so if you have a collector's policy, it would have to be in the name of your LLC.
Thanks so basically you would get the policy in the state for wherever you garage the car the most correct?

Also is it better to get commercial coverage or get personal policy w LLC named on the personal policy?
 

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I highly recommend you talk to a MT attorney if you're thinking of going that route. The problem with getting advice from ppl on the internet is unless they're in the same state as you, what works for them probably wont work for you.

I would NOT insure in your home state and register out of state. A buddy of mine did that and got audited by DMV and the tax board.

Insuring but not registering throws up red flags and will trigger an audit in very short order.
 
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