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Owning your RV within an LLC / C or S Corp?

Kooshball

Well Known Member
I?m not posing this question from a tax perspective or liability perspective. I?m just looking for a bit of privacy when it comes to the online world.

I hate how easy it is to search online under someone?s name and immediately see there house, airplanes, investment property etc so I am considering putting these large assets into a ?company? so you would at least have to do a bit of work before a google search connects a name with a legal entity and then with its holdings.

That said, is there consensus on the most cost effective And practical way to put your airplane into an entity? LLC, C Corp, S Corp? Is any one of those better than the other from an overall ownership standpoint?

Thx!
 
Single Member LLC is my choice for simplicity. I did mine in Delaware as my in-laws could act as resident agents. There is an outfit in Montana that will be an agent for $49 / year.
 
I have mine in a S-corp. For what you asked, I think any structure will work to semi protect your privacy. I chose a S-corp because it allows me to run business activities and take the loss on my personal taxes.
 
In Texas, if you are a "member managed" LLC, you can list a PO Box as your "member" address and have a third party act as the registered agent. Many companies will do that for around $50/yr. That provides some privacy. Or, you can form the LLC as "manager managed" and not be one of the managers but still be an owner. And, the managers don't have to be owners although they can. The managers can also use PO boxes for their address. That makes it much more difficult to find you.
 
Here in Canada, we have something called CADORs, Civil Aviation Daily Occurrence Reports. These are short reports of anything that's "non-standard" happening. They are filtered by moderators before filing, and the moderators remove any "personal" information from the reports... Such as aircraft registration that would lead one back to a registration database.

Oddly enough, people who have their planes registered to corporations *don't* get their registration scrubbed. So in some ways, having the plane corporately registered makes it *easier* to figure out who the report is about, because you can look up the registration, find the company name, and continue the search from there.
 
Thx the replies folks! My email notifications quit working again so I missed this until last night.

Any idea which of the popular states for such structures do not collect property tax on the plane? Where I am in NC the tax is based on the plane being present on-site and not where it is registered so I would hate to be taxed twice on it.

Thx
 
They can't collect tax twice. If you pay sales tax in one state, and it is a lower rate than the state where it is based, then they can collect the difference.
This does not mean they will not send you a letter saying you owe tax; however if you send proof of tax paid to another jurisdiction then they can not collect the tax again. - at least that is my experience with Planes I have stored in VA, MD, and NC.
 
If thinking about an LLC or S corp in a state that you don?t reside in, beware that a lot of states have ?foreign entity? taxes for corporations who are held in other states, but have a nexus in their state. For example if you base the airplane in your state, it would create a nexus and invoke the foreign entity tax. In Maryland the foreign entity tax is the same as simply holding the LLC in your home state in the first place.
 
For example if you base the airplane in your state, it would create a nexus and invoke the foreign entity tax. In Maryland the foreign entity tax is the same as simply holding the LLC in your home state in the first place.

I had "a friend" who never encountered that particular nexus in Maryland, with a DE LLC. Other's mileage may vary.
 
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