Anyone ever buy a car that was registered with the Montana sales tax scam?

Hi, I'm no lawyer but if the title checks out as long as you have a document that says the guy selling the car is an authorized signatory of the LLC, for which you should be able to confirm with Montana State corporate registry, you should be ok. I think alot of people set up Montana corp. to own cars for tax reason, especially if they are collectors.

 

Ask your DMV

 

It’s pretty standard. Just make sure the MT title is notarized.

 

Check the title and do a corporate search to ensure he has signing authority.
If the corporation is in more than 1 name get them all to,sign is best case

 

I have my cars registered in Nevada under my name and an LLC as the lender. Nobsales tax in Nevada on private party purchases.

As others have said, just make sure the party signing has the authority to do so. They should have a Operating Agreement filed with the State which lists who has the authority to sign. You can usually check on line with most states if the LLC is curren, in good standing and who the organizer was.

 

Why the llc as a lender for insurance risk??

 

I bought my 550 from a guy who registered the car in an LLC. I got a formal signing of transfer of ownership out of the LLC and proof (driver's license) that the LLC was owned by the seller. California had no issue with this when I registered the car.

 

To register in Nevada I needed to have either a residence or a business address. Having the LLC gives me a business address. Also with California a community property state, if I owned the cars free and clear, were I to get divorced my wife could claim half of them. With the LLC holding the note, I don't own them free and clear. I do own 5% personally of the LLC and the other 95% is owned by another LLC that I own 100% of that was my sole property before marriage. Just layers of "protection" were something to happen. Not planning to but you never know.

 

Similar here except in Canada you need insurance you can not put up a bond or cash

 

There are thousands and thousands of cars that are owned by LLCs and companies that then get transferred to private buyers every year so there really shouldn’t be any issues as long as the signer has the authority with the registered entity. The reason WHY the car was owned by an LLC should have no bearing on the transfer.

 

Just be aware you’re actually buying a security, not a car. If it were me, I’d have the owner get the car out of the LLC first.


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Actually I think this would be the safest as well but may not be do able

 

Right.

He’s buying the asset (a car) not the entire EIN.

I’d be sure to get a bill of sale.

Matt

 

Sorry, misunderstood.


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Nice lookin car. Only 1 i like better is the speciale