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.
Factors that include but are not limited to:
- The kind of yacht you want to buy.
- Whether there are size restrictions for the dock.
- Whether there are any requirements regarding guests on the yacht.
- Whether the parts of the yacht you wish to buy will be available as and when needed.
In addition to these crucial and salient factors, you also have to do your homework regarding the sales tax laws that exist. For instance, one of the many good reasons why Montana happens to be a favorite for out of state residents that set up limited liability companies is that unlike other states, Montana has no sales tax. This means that you can buy an expensive yacht without having to cough up thousands of dollars in sales taxes.
The process of buying a yacht
The process of acquiring your yacht is pretty straightforward. It often involves:
- Searching and selecting a suitable yacht depending on what you want to do with the yacht.
- Once you have found a yacht that suits you, you can make an offer.
- Once you have made your offer, it will be up to the seller to decide whether to reject or accept the offer depending on whether they have a counter offer in mind.
- Conduct a survey on the vessel to determine whether it is it is in good condition and determine what maintenance will cost.
- Take the yacht to sea so you get a clearer picture of how well the yacht performs. This often involves testing the engines, motion of the match, speed, as well as the noise levels of the yacht.
- Submit a written acceptance and work on closing the sale.
- Close the deal by exchanging signatures. At this point, you need to have new registration and insurance.
Registering your yacht
Before you close the deal, you need to ensure that you have new registration and insurance for your yacht. One of the easiest ways to register your yacht is by forming a Montana LLC. Quite frankly, although it may seem rather far-fetched, a Montana LLC is no different from a regular business. With a Montana LLC, you still have the luxury of owning the personal property of your dreams.
Benefits of opening an LLC
There are many benefits associated with opening an LLC. These include:
- An LLC ships your yacht registration much faster and saves you costs as well.
- With an LLC you do not incur value added county taxes.
Purchasing a yacht or any other movable property has never been easier. With a Montana LLC, you can achieve all this and much more without hassle. With the benefits associated with buying a yacht under LLC, you will save thousands. Contact a Montana registered agent for more information about Montana LLC formation and vehicle registration.