Recently, many people choose to start an LLC in Delaware to protect their assets and yachts. Yacht owners, usually, rent their boats in other countries, which means the owner and the ship are in different places. It is entirely reasonable to have questions in such situations. Luckily, you can get rid of personal financial liability of your boat by merely starting an LLC in Delaware and considering its annual fees only. By doing so, you will be protected against potential problems about your boat caused by the people using your yacht.
This also brings confidentiality to the personal information of the yacht owner. Insufficient information is required for starting an LLC in Delaware. So, you are also protected from the debts of the company. You can also reduce some of your tax obligations by beginning an LLC if you demonstrate your yacht is an asset to your company. However, it is always a good idea to conduct a tax consultant about this if you do not want to come across potential problems in the future.
After starting your business in Delaware, you need to go through a process with Delaware Department of Natural Resources and Environmental Control – DDNREC. DDNREC will usually require the following documents: sales bill, manufacturer’s certificate of origin, the dimensions and the year of manufacture of your yacht.
Your yacht should spend a certain amount of time if you want to register it in Delaware. This is a sensitive question, so it is always a good idea to obey the rules if you do not want to come across financial penalties.
To sum up, if you want to have a yacht, you can start by forming a business in Delaware and then buy a ship registered in Delaware. This will save you a significant amount of time.
If you need more information, please do not hesitate to contact us.
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