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Our firm is staffed by experienced non-attorney marine vessel specialists with extensive training and experience in marine vessel entities.

Formation requirements: Regular LLCs can be formed in any state, but LLCs for vessels must be formed in a state that has adopted the Uniform Maritime Limited Liability Company Act (UMLLCA). The UMLLCA is a specialized law that governs the formation and operation of LLCs that own or operate vessels.

Liability protection: LLCs provide limited liability protection to their owners, meaning that the owners’ personal assets are generally protected from creditors and lawsuits arising from the LLC’s debts and liabilities. However, LLCs for vessels may have additional liability protection features, such as the ability to limit the liability of the owners for maritime liens and claims arising from maritime accidents.

Tax advantages: LLCs for vessels are taxed as pass-through entities, which can offer a number of tax advantages for vessel owners, such as the ability to deduct business expenses and losses from their personal income tax returns.

Asset protection: LLCs can help to protect the personal assets of vessel owners from creditors and lawsuits arising from the LLC’s debts and liabilities.

Privacy: LLCs can help to protect the privacy of vessel owners by shielding their personal information from public records.

Overall, a vessel LLC can facilitate sales of vessels in a number of ways by providing vessel owners with asset protection, tax benefits, privacy, flexibility, credibility, marketing and sales assistance, and financing options.

What is LLC My Boat?

LLC My Boat specializes in boat asset holding entity formation and transfer of ownership.

We offer a full-service package for boat owners that will save you time and money.

We make sure documentation is done correctly so you can reap all the benefits of putting your boat in your LLC.

Benefits of putting your Boat in an LLC.

There are several reasons why you might want to put your boat in an LLC:

Liability protection. One of the biggest benefits of owning a boat in an LLC is that it can help to protect your personal assets from liability in the event of an accident or lawsuit. If you are sued while your boat is in an LLC, the plaintiff will typically only be able to go after the assets of the LLC, not your personal assets. This can be especially important for boat owners, as boating accidents can often result in significant injuries or property damage.

Tax benefits. If you use your boat for business purposes, you may be able to claim tax deductions for certain expenses related to the boat, such as fuel, maintenance, and insurance. You may also be able to depreciate the boat’s value over time, which can further reduce your tax liability.

Asset protection. In addition to liability protection, owning a boat in an LLC can also help to protect your boat from creditors. If you have personal debts, creditors cannot typically seize your boat if it is owned by an LLC. This can help to ensure that you are able to keep your boat even if you experience financial difficulties.

Privacy. Owning a boat in an LLC can also help to protect your privacy. When you own a boat in your personal name, your name and address are typically public record. However, when you own a boat in an LLC, the LLC’s name and address are the only information that is publicly available. This can help to keep your personal information private and out of the hands of unwanted individuals.

In addition to the above reasons, there are a few other potential benefits to owning a boat in an LLC, such as:

Ease of transfer. It is typically easier to transfer ownership of a boat that is owned by an LLC than a boat that is owned by an individual. This can be helpful if you decide to sell your boat or give it to a family member or friend.

Title transfer is generally easier for vessels in LLCs than for vessels owned by individuals. This is because LLCs are separate legal entities from their owners. When a vessel is owned by an LLC, the title to the vessel is held by the LLC, not by the LLC’s owners. This means that when the LLC sells the vessel, the LLC, not the LLC’s owners, is the seller.

Professionalism. Owning a boat in an LLC can also make you look more professional, especially if you use the boat for business purposes. It shows potential clients and customers that you are serious about your business and that you are taking steps to protect your assets.

Overall, there are a number of potential benefits to owning a boat in an LLC.