Quote:
Originally Posted by brianh442
How will a finance company view that? I'm curious!
My situation was finally resolved to my satisfaction, working thru the lemon law process in my state. I wish it didn't have to go as far as it did, but the system did work!
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In most cases the LLC must have the resources available to obtain financing for the coach. With an LLC if it is proven you are financing the business trough personal funds rather than through actual business proceeds then you are liable just like a sole proprietorship.
Also if the RV is purchased in the name of an LLC then it becomes a commercial vehicle subject to the same taxes and laws as any other commercial vehicle. For example in must states you pay higher taxes, higher registration fees, higher insurance premiums, and are also required to pass through most weight stations.
Also, and this is very important with an RV, if it is purchased in the name of a business the warranty is drastically shortened. In the case of Thor the warranty for a motorhome purchased in the name of a business, or one which is listed as an asset on the tax return of a business, is 90 days or 5000 miles whichever occurs first.
We looked at buying ours under my wife's LLC but after talking to our attorney we decided it would be too expensive and too much hassle in the long run.