4 ms·

Dont sell, lease it out, problem solved.

by rasz 3y ago

CamperBob2 3y ago
Or buy it under an LLC and sell the LLC.
- mapmap 3y ago
  I don’t understand the strategy because one would have to pay $800 per year to California for the LLC. Does this only work if you live in one of the handful of states that don’t have any minimum tax or annual fees for LLCs?
  - CamperBob2 3y ago
    The whole idea is to flip the truck ASAP for a profit well in excess of $800. In any case, you can create an LLC in any state you like, and people do. The buyer is then free to disband it.
  - yieldcrv 3y ago
    It works because you ignore that law LLC franchise fees are at the same level of priority as unreturned library books, and the legal consequences are even lower than that There is no reason to form an LLC in the state you’re physically in just because the state said so (unless the consequences really are so meaningful) If they notify you of a fine, go ahead and pay it and reincorporate in-state then but I know people that even paid payroll taxes with an out of state LLC and the franchise tax board never said anything even the courts might have a provision for you to retroactively gain limited liability by reincorporating in the state just to represent in court after being sued always remember that states are in competition with each other for business, and this transcends their due process and opinions. they do things to attract business. california already attracts business and keeping that is more important than worrying about a Wyoming or Delaware entity operating in their borders
- yieldcrv 3y ago
  protip: if you do this to avoid liability and car sales tax, you relinquish your claim to complain about others avoiding liability and tax too
  - CamperBob2 3y ago
    Okey-dokey, then
  - lannisterstark 3y ago
    [flagged]
    - addicted 3y ago
      [flagged]
clouddrover 3y ago
Or, more simply, don't buy it. Then you don't have a problem in the first place.
- judge2020 3y ago
  It's not a problem but a roadblock. If you have an early one, some people will be willing to pay big bucks for it.

Dont sell, lease it out, problem solved.

by rasz 3y ago

Dont sell, lease it out, problem solved.

CamperBob2 3y ago

Or buy it under an LLC and sell the LLC.

mapmap 3y ago
I don’t understand the strategy because one would have to pay $800 per year to California for the LLC. Does this only work if you live in one of the handful of states that don’t have any minimum tax or annual fees for LLCs?
- CamperBob2 3y ago
  The whole idea is to flip the truck ASAP for a profit well in excess of $800. In any case, you can create an LLC in any state you like, and people do. The buyer is then free to disband it.
- yieldcrv 3y ago
  It works because you ignore that law LLC franchise fees are at the same level of priority as unreturned library books, and the legal consequences are even lower than that There is no reason to form an LLC in the state you’re physically in just because the state said so (unless the consequences really are so meaningful) If they notify you of a fine, go ahead and pay it and reincorporate in-state then but I know people that even paid payroll taxes with an out of state LLC and the franchise tax board never said anything even the courts might have a provision for you to retroactively gain limited liability by reincorporating in the state just to represent in court after being sued always remember that states are in competition with each other for business, and this transcends their due process and opinions. they do things to attract business. california already attracts business and keeping that is more important than worrying about a Wyoming or Delaware entity operating in their borders
yieldcrv 3y ago
protip: if you do this to avoid liability and car sales tax, you relinquish your claim to complain about others avoiding liability and tax too
- CamperBob2 3y ago
  Okey-dokey, then
- lannisterstark 3y ago
  [flagged]
  - addicted 3y ago
    [flagged]

clouddrover 3y ago

Or, more simply, don't buy it. Then you don't have a problem in the first place.

judge2020 3y ago
It's not a problem but a roadblock. If you have an early one, some people will be willing to pay big bucks for it.