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Subject: Re: [worldcruising] yacht incorporation
From: Rick Bradshaw (rbradsh2@XXX.XXX)
Date: Wed Sep 18 2002 - 15:26:21 EDT
This may be _way_ out there but the thought just occurred: what about
a non-profit corporation? Perhaps you have to take out at risk kids
occasionally or take a shipment of school supplies to an orphanage on
some nice little island someplace. I'm sure there are likely huge
hurdles to jump but (not to mention needing an appropriate license,
adequate and trained crew, and probable commercial insurance
requirements), could it be worth it? After all, how many boats, aside
from real working vessels, are profitable? :-)
Rick
>I'm no expert, but as a former S-Corp CEO I can
>tell you that if your "Corporation" doesn't show
>a profit after a couple of years (3 or 5 or
>something like that) the IRS will rule that your
>Corporation is a "Hobby" rather than a business
>and you'll lose your corporation status...
>
>Chuck - My actual title was "El Queso Grande", in
>our corporate filings...
>
>--- jt_lotus <jt_lotus@XXX.XXX> wrote:
>> Has anyone on this thread researched the
>> incorporation of a yacht.
>> Looking at the incorporation web sites it looks
>> like a fairly good
>> deal, but as with most things I suspect there
>> is some catch that is
>> not obvious.
>>
>> Porported advantages:
>> No sales tax at purchase.
>> No sales tax when selling, (since you are
>> selling 100% of the shares
>> not the boat which is just an asset of the
>> corporation.)
>> Provides limited exposure to owner.
>>
>> Questions or possible hitches:
>> IRS view of use of this corporate asset?
>> Insurance concerns or added costs?
>> How are the assets added to the corporation
>> (Maintenance, etc.)
>>
>> Who would have the definitive answer and where
>> would one find this
>> person?
> > Jim T
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