If you are planning on spending time traveling around the country and touring rodeos with your family or friends, you should think about getting a recreational vehicle or motor home. These types of automobiles are ideal for traveling in a group because of the total low costs, particularly in relation to accommodation. In addition, you will be able to visit numerous areas that would be difficult without the flexibility of owning a travel vehicle.
A limited liability corporation (LLC) is an excellent way to run a business with partners. Running such a firm in a no sales tax state such as Montana is a bonus. It will allow you to make purchases on big items such as vehicles without paying a sales tax. Montana is one of five states in the United States that have not implemented a sales tax, whereas most states have adopted this tax since the Great Depression. The following are the top 5 benefits of running an LLC without paying sales tax.
Montana has no sales tax. The law in Montana allows entities to register a sales tax-free automobile in the state. Montana law does not technically require shareholder agreements. The extent to which a small company is mandated to pay income tax in Montana depends on its income. For instance, a corporation pays double taxation—the company must pay corporate license tax (income tax) in Montana, as a legal entity and shareholders are required to pay personal income tax on dispersed dividends. A Montana LLC on the other hand only pays income tax.
Are you thinking about how you can avoid the 6% or more sales tax on your RV registration in your state? Well, the answer may be a Montana LLC. By registering your RV under a Montana LLC, you save lots of money on licensing fee, taxes an inspection fee. Although some people tend to think that it's a form of tax evasion, the Federal law doesn't prohibit a citizen from setting up an LLC anywhere. Let us have a look at how it is done and some of its benefits.
Yacht buying has become common. This doesn't come as a surprise especially since it has become a rather vital accessory for people that just want to have a little bit of peace away from homes in their private sanctuaries. Nevertheless, despite the fact that yachts have become an almost integral part of our vacations, the decision of purchasing one is not always as easy as it may appear. It often involves looking into factors that are at the core of the yacht's performance at the end of it all.
Are you thinking about acquiring a new Ferrari, Lamborghini or some other high-end car? If yes, you can easily buy your dream car with a recognized Montana LLC and avoid paying additional sales tax. Maybe you are wondering how this is possible. Well, according to MCA 61-3-311, all vehicles registered in Montana avoid sales tax; they are not subjected to personal property tax. In Montana, the registration fees are in lieu of any personal property tax. The most interesting part is that all LLC’s don’t have to purchase their vehicles in Montana so as to avoid paying the taxes. All LLC’s are viewed as residents of Montana hence they are exempted from taxation.
It can be about summer fun USA all year long while doing business in the great state of Montana. Montana is one of the few states besides Alaska, Oregon, Delaware and New Hampshire in the USA today without a general sales tax. The objective is to make it cheaper for people to purchase products. The state relies on income taxes to counter balance its budget to run its affairs. This means with an LLC in Montana you can save on your summer toy purchases all year long!
If you live in California costs are higher because of the state's sales tax of 7.25%, depending on where you reside some local municipalities tax rate can be as high as 9.75%. Residents may not notice how much taxes they pay when they regularly shop for groceries, but it becomes painfully noticeable when you buy a high-end vehicle. A car that costs $100,000, for example, will generate a sales tax of over $7,000 with high registration and license plate fees tacked on. Here's how you can bypass the California sales tax on moveable property by setting up a Montana LLC.
As a buyer of exotic cars and probably other types of moveable property, you can save thousands of dollars on vehicle registration and sales tax by using a Montana LLC. In setting up an LLC in Montana, you can save money on purchasing a car, RV, motorcycle, ATV, boat or airplane. The process for setting up an LLC is fast, affordable and will allow you do business from another state. Here's a more in-depth look at how an LLC can save you money.
Have you ever thought about starting a Montana LLC or want to know more about it? Aside from its captivating scenery and serenity, Montana is a state with no sales tax. This fact allows you to take advantage of buying moveable property or running a competitive business without tax distractions. It's ideal if you own a motorhome or want to purchase items like exotic cars, boats, motorbikes and aircraft without paying a state sales tax. Here are deeper reasons to pursue an LLC in the pro-business state of Montana.
Topics: Montana LLCs