Quote:
Originally Posted by patrickt
Well, suppose ERAChas, RodKnock, and I all wanted to go in and buy the SuperSnake that sold a while back. Of course RodKnock would put up the majority of the cash  , but we would almost certainly set up a single purpose entitly, be it a corporation or an LLC, call it say "Supersnake Investment, Inc." and the choice of where we set up that corportion would be governed by which state (that we had at least some minimum contacts with) would have the friendliest registration and titling procedures (now granted we're talking replica for the OP's problem). The car would spend some time in all three of our states, as we drove it around and acted really cool, but when Chas. got pulled over for doing donuts and throwing beer cans out the back, the car would not be registered, nor titled, to him and it would, presumably, only have to meet the titling and registration requirements for its own state (not the state where Chas. lives). So long as the car is titled in a Cobra-friendly state, to a domestic corporation in that state, and spends a reasonable amount of time in that state (like in storage over the winter), I think you've got a pretty good leg to stand on that it can wear that state's license plate with impunity whereever it may decide to go. |
First, I would have to be the managing member of the LLC and require 50% of any upside, but no downside risk. You and Chas could provide the capital and be silent partners.
Second, our new company or LLC would have to make a profit at some point, otherwise the IRS would shut it down.
Third, you and Chas would have to pay the LLC or Corporation tax of $800/year.
Fourth, our license plate might have to be commercial and the insurance may be higher since our Kirkham might have to be a commercial vehicle
Granted, I can't do it, because of the lack of skills, knowledge and tools, but an experienced professional in a shop like the one where I had my car, could have that 482 engine and tranny out in less than an hour.