Protect Your Personal Assets By Structuring Yacht Ownership
If you own a business, the way that business is structured legally can protect your personal assets from being taken from you in the event that someone is hurt or killed as the result of your operations. Forming a legal business entity such as a corporation, limited liability company, or trust to purchase a yacht or aircraft and protect their personal assets is an option that more people are choosing every year.
Which Type of Business Structure is Right for You? We Can Find The Boat Financing Plan That Makes Sense.
At Bohonnon Law Firm, LLC, our attorneys help clients in the United States and in the international community to form a variety of legal business entities for the purposes of purchasing yachts and aircraft and other large marine vessels. We work with clients to help them identify their specific financial needs and then choose the business structure that will best meet those objectives.
In addition to protecting individual assets, other important matters to consider in choosing the right structure for you include state and federal income tax concerns, state-level sales and use taxes, and estate planning issues such as gifting, charitable donations, and yacht and aircraft ownership succession.
Once all of the issues have been taken into account, we can provide you with a clear and concise outline of the benefits and drawbacks of entities such as limited liability companies (LLCs), limited partnerships (LPs), family limited partnerships, corporations, fractional yacht ownership, fractional aircraft ownership and more.
Once you have decided where it is you want to go — we’ll help you reach that destination safely.