From the information in evidence so far, I think we can safely assume Dan is not the type to "waste" $150 on legal advice, especially when he feels he can get it for free.
Arguably (and probably easily provable) the only reason corporations reincorporate offshore is to dodge paying taxes. The big reason most incorporate in delaware while keeping operations on the west coast is for some financial loophole. Everyone looks for loopholes, the only difference betwen that and tax fraud is one finds an opening and one just disregards all together. With that said, doesn't hurt to have a lawyer ready if this thread does get thrown at him by the IRS.
It's FChat, unless some of the more popular ones have met the person who makes the post, there will almost always be doubt.
Absolutely agreed. I think it's pathetic the way some of these people just started taking jabs at him the way they did. Who give a damn about the manner in which he fulfills his dream? Why the hell does he owe it to anybody on here to produce a title, pics, etc...? Who are they to ask?
thanks man, that's exactly what Ive been thinking. All I wanted was advice on LEGALLY getting around the rules to save a little bit of money. Instead they choose to attack me. The shame of it was the need to openly do it rather than PM, they seem to rather enjoy the audience I assume. Some nice people here did PM me with regrets of how some choose to act here, and I thank them for it
thanks! this is also the kind of advice I was looking for! It doesnt seem to be worth attempting this to advoid a small savings, even though it could be leagally done, any problems that arose from it would hardly be worth the savings. 285ferrari gave me some great and completly lilgitimate advice that I plan to persue. thanks to all!, even those who critised me
haha, thanks to you as well! You do know that my intentions to buy a Diablo are true I say forget them, as I doubt "they" would be able to sufficiently respond. and I still like you expat
"Arguably (and probably easily provable) the only reason corporations reincorporate offshore is to dodge paying taxes. The big reason most incorporate in delaware while keeping operations on the west coast is for some financial loophole. Everyone looks for loopholes, the only difference betwen that and tax fraud is one finds an opening and one just disregards all together. With that said, doesn't hurt to have a lawyer ready if this thread does get thrown at him by the IRS." __________________ Shawn: If I decide to move to X state, and take up residence there with the intention to stay indefinitely, the fact that I am motivated for tax avoidance reasons is beside the point because it is true that I now 'reside' in the "State of 'X'." If, however, I really reside in another state, but claim that I am residing in X only to avoid my tax obligations-when I am just 'visiting' and do not have a bone fide intent to stay there- that may amount to fraud. Corporations may be established for 'tax avoidance' purposes without necessarily violating the law. The analogy would be more apt if the corporation claimed to exist offshore, when in fact, it had never really been properly established there.
ya, but they have already greased the politicans through lobbists to make their special rules, laws, and exemptions. we get the shaft
Dan, I am also a 22 year old "kid," and although I know it won't change your mind, I really want to respond. Im not going to personally attack you, but I really feel you would benefit from some business classes (especially finance). You really should listen to some of what the people on this board have told you. I don't have an exotic car, and its not because I can't afford one. Unfortunately I probably won't own one for a long time, but I know when I get out of school the money will be put towards much better use (in terms of long term well being). I know only because I have seen it happen, but people who spend their money on cars, boats, planes, ect instead of on houses, growing a business or something to better their future, have really really regretted in the future. And as for living at home, Dan, the best thing I ever did was get my own place. Not that my parents weren't great to me and gave me all they ever could, but trust living on your own will make you a much happier person. Its very satisfying to be the master of your domain, trust me. You already have an NSX which is a wonderful car to toy around in, so your own place and an NSX should be enough to suffice until you can afford the Diablo as well. Look, I am only trying to offer you some advice and some insight. Really not that it matters to me what you do, but I really don't want something like what has happened to a few of my friends happen to others. Mark
Partially true, they do have an income tax....Alaska is the only true tax free state that comes to mind because it is the only state in the union that has no sales tax nor any income tax as well...Although it does have the 'I'm freezing my azz off' tax and 'Might get eaten by a Kodiak bear' tax.... Of course any tax is pennies in comparison to the 'wife tax'.
Dan: Personally, I don't know why so many people on this site feel the need to lecture others on the use of their money, what % of their wealth should go to cars, or why they should never finance and buy all their Ferrari's with cash, etc. etc. As for the sales tax issue: I looked into it briefly and determined it wasn't worth the hassle. It thought it would be painful to write the 12k check for taxes and registration but I was so happy to have the car that I ended up feeling proud that I was able to write the "big boy" checks to fulfill my dream. The part that gets me is that if I turn around and sell the car next week, then next guy cuts a big check to the government?! The other option is to do a long term exotic car lease. In most states, you pay the sales tax over the term of the lease so if you sell the car prior to the end of the lease, you didn't have to pay the entire sales tax.
The lease idea was going to be my contribution as well. This is why most of my buddies (and myself) in Wa. State who all worked in dealership management lease our sport and luxury cars. Note, I don't want this to be a lease vs. finance thread. Leasing is simply a way to avoid a portion of your sales tax liability or to defer it until a future date should you choose to own the car long-term. This differs from state to state though, some states assess the sales tax on the entire value of the car (as opposed to the depreciation over the lease-term) negating the benefit of paying as-you-go and thus leaving your cash free to invest and earn a higher rate of return than your local sales tax. Also, instead of registering out-of-state check the tax rate by county in your state. Sometimes all you need to do is register at time of purchase at another property. Since you don't own property of your own yet this isn't that big of a deal as long as it's in the family. As for the financial advice, I'd simply remind everyone how many of their freinds and family died before the age of 35, for me it's quite a few. I also would say I regret buying every property I've owned before marriage, even though they made me quite a bit of money in the last couple years. For me they haven't been worth the loss of flexibility, independence and ability to try a multitude of career paths before becoming burdened with such a low liquidity investment. Enjoy the Diablo, find a good woman for the passenger seat then buy her a nice house!
Judge, be nice. Be nicer!!!! Probably should have included "an" in the description. I'm married to Judge4re who is an expat (living in a foreign country), hence, "expat's wife". I found a user named "expat" in the member list, but they haven't posted in almost a year.
