No matter what your outdoor travel passion, camping, cross county travel or just a family weekend trip, owning an RV can make it happen more often and with greater ease. Establishing a Montana Limited Liability Company (Montana LLC) when purchasing your RV can make your passion surprisingly more affordable.
The first LLC legislation was enacted in 1977 in the state of Wyoming. Other states followed suit, but it was not until the IRS ruled on the LLC’s tax status in 1988 that they became more widely known and accepted. LLC’s are available in all 50 states and represent the fastest growing business form in the United States. Like a corporation, it provides the opportunity of enhanced tax benefits as well as providing better protection of personal assets to its members. However, unlike a corporation, an LLC is not subjected to double taxation and is less costly to set up.
Forming an LLC in any state requires filing the necessary paperwork - Articles of Organization - for that state and paying the required fees. One large expense that can be avoided with the purchase of an RV is the sales tax bill. In Montana, RV’s and motor vehicles owned by Montana LLC’s are not required to pay sales tax. This could represent a hefty savings to you. Forming an LLC in the state of Montana can be done easily regardless of where you purchase your RV. Your new company would be viable in that state allowing you to take advantage of what Montana’s tax structure offers. Your newly purchased RV would be licensed through your new company, would have Montana license plates. Depending on the state in which you reside you may be able to bring your new RV home right away or you may have to keep the RV out of state for a short period of time. Either way you will legally save many thousands of dollars on your vehicle purchase. You do not need to reside in the state of Montana, nor do you need a Montana driver’s license. No inspections are required.
Saving thousands of dollars on the purchase of you next RV is simple and easy with the establishment of a Montana Limited Liability Company. If you recently purchased your RV and did not take advantage of a Montana LLC, it may not be too late. In some cases you can still establish an LLC today, refinance your loan into the new entity and apply for a refund.
