I was told it was a good way to sell the boat. I would sell the Llc and its assets, the boat, rather than selling the boat.Can you tell us benefits of putting the boat in an LLC?
It may help the next owners attain insurance. Geico has a policy of no more than 4 owners on boats they insure. The Llc will own the the boat while we use it and while the next owners use it.
It should protect against hidden liens and may limit liability. The rules are picky for keeping the Llc at arm's length. Llc must be at arm's length to have any liability limiting usefulness.
Lisa and I cannot pay for any expenses. We have to use an Llc credit card and bank account. It seems stupid to me in that we fund the accounts. Llc must pay its own credit card bill from its money that we put in the bank account.
We cannot have the same login. We must leave our account and relog in everytime we go from one to the other. Currently we bank at the same bank as the Llc. I'm not sure how long that will last.
The Llc and advice as it relates to water was provided by a maritime lawyer. Maintaining the rules between the Llc, Lisa, and myself is being watched over by our nonboating lawyer-accountant.
Hope that helps you understand why we would spend the money.
Mike