Re: Another Band Bus..
I would 'times two' on that. If you are transporting a band, you might as well be running a limo service. I notice in the full-timer boards that some people avoid sales taxes by setting up a Montana Limited Liability Corporations (LLCs) to purchase their million-dollar RVs for them. Later they complain that Montana plates get targeted by law enforcement, and they wonder why their "personal use" of a vehicle owned by their corporation is being subjected to commercial requirements . . . .
Make it legal, make it commercial, use CDL drivers, and write off all the expenses as business cost against the band's income. You are pros. Good luck!
EDIT: Check into having you and your brother sell the bus to the corporation, and get your personal money back out, or exchange the bus for more shares of the company. You should also be deciding if the members or the corporation owns instruments, sound system, etc. Your answers to those questions will be personal.
__________________
Someone said "Making good decisions comes from experience, experience comes from bad decisions." I say there are three kinds of people: those who learn from their mistakes, those who learn from the mistakes of others, and those who never learn.
|