Originally Posted by SailorGreg
Thanks John. Can you expand a bit on why you chose to go with an Llc? And did your banker and insurer accept this?
Good question, we took the LLC route on all three Nordhavn's and the new Helmsman 38E under construction. The primary reason for doing so on the first boat was to use the LLC and take the boat out of state for a period of time to avoid paying state sales tax. The other boats we kept in California and paid the sales tax (ouch). Other benefits we realized is the LLC helps with resale. We can market and sell the boat to anyone who can now keep the boat in California without paying sales tax. This we believe pays for the cost the LLC and makes for a quicker resale. The LLC also provides one more layer of liability protection. We are not attorneys and relying on what we were told so this is not intended to be advice of any kind.
WE never incurred any issues with banks or insurance companies using this approach. You may be interested in following our thread here on TF under Customer Builds / Retro-fits, Contract Signed New Build Underway. It walks you through our current new boat build process.