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I plan to transfer the title of my Pleasure Boat into an LLC.

Customer Question
Once that is complete I...
I plan to transfer the title of my Pleasure Boat into an LLC. Once that is complete I am going to sell 25% interests in the LLC in exchange for 25% usage of the vessel.

I have already registered the boat and payed all applicable sales tax. Will I have to collect and pay sales tax again as I sell each Quarter Share of the vessel?
Submitted: 7 years ago.Category: Business Law
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4/7/2010
Business Lawyer: lwpat, Attorney replied 7 years ago
lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25,387
Experience: Attorney with over 35 years of business experience.
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No because you are not selling shares in the boat, it belongs to the LLC. You are selling shares in the LLC.

 

 

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Customer reply replied 7 years ago
I agree, thats been my feeling all along. Can you provide any documentation or reference material to back that up?
Business Lawyer: lwpat, Attorney replied 7 years ago
The boat is titled in the LLC. You would only pay sales tax if the interest was transferred by title. Shares in the LLC are like stock. Research is beyond the scope of your original question.

An accept for my time is always appreciated and if you have a subscription you are not charged again.

lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25,387
Experience: Attorney with over 35 years of business experience.
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Customer reply replied 7 years ago
Yeah, I agree, it's worth 20 to hear it from a pro though. Thanks for your time!
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