Montana LLC for registering an RV -

My_question_is: Applicable to both US and Canada
Subject:        Montana LLC for registering an RV
Expert:         taxman at centa.com
Date:           Monday January 29, 2007
Time:           10:03 PM -0500
QUESTION:
We have been advised that if we establish a Montana LLC we can register and
insure a new RV in the name of the LLC, which will have no income and
therefore no US income tax.  Please advise us of any negative consequences
this may cause.
========================
david ingram replies:
Expensive,
Must have a Montana "resident Agent" to represent the LLC = Most charge $400
to $600 per year.
Since it is a corporation with mind and control in Canada, requires annual
Canadian tax return.
Since it is not active but the corporation is giving you the use of the
motorhome at will, you are required to report 2 1/2% per MONTH as a
corporate taxable benefit on your personal Canadian tax return. (If you
don't do it, the CRA can come along four years after you have bought it and
add all the years up at once.)
If you are driving it and in an accident, you are still responsible for any
damages or personal liability claims.
Can't bring it into Canada to use in Canada.
etc., etc., etc.,
Requires annual tax return in the states even if just to report zero.
I do not know what Montana charges for a blank LLC form but the State of
California has a minimum $800 per year filing fee.
-----------------------
The ONLY reason that I can think of that you might or should use an LLC is
if you are buying this in partnership with a friend (not a spouse) and you
want to protect yourself against the actions of your partner.  A very
expensive way to do it.
---------------------------
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