Quote:
Originally Posted by jnotrom711
Theres ways around that also, but you're sort of correct. You can be a personal guarantor for your business if you wanted, and there is other work arounds also.
I have a guy that does it all for me. He sets up the LLC, and registration etc... it can also be a separate LLC under the main LLC, and the new LLC is registered to do business in Montana, and the main business is in AZ (in my case), idk all the exact ins and outs, but can certainly still do it.
My G63 and M5 paid cash for, so it doesnt really matter, but could also pay cash, get it registered in Montana under the business name, then transfer title into my own name, or add me to the registration, and work around it that way.
Again, I just have a guy that does it for me, so I don't know every little in and out of it, but it can certainly be done.
In the case of my M5, I bought it from a private party, so I didn't pay sales tax on it anyway, AZ does not charge sales tax on private transactions (person to person) so that one didn't matter, but the G63 I bought in Las Vegas from a dealership, they had title in hand, the rest was handled by my guy.
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That's what I'm saying you can't be a personal guarantee for the business and cosign the loan. Mt doesn't allow you to title the car in both business and personal name and if you sign the loan you technically have to be on the title. Ask me how I know
I did the next best thing. Bought a house😂😂