Can my corporation buy a boat. - SailNet Community

   Search Sailnet:

 forums  store  


Quick Menu
Forums           
Articles          
Galleries        
Chat  
Boat Reviews  
Classifieds     
Search SailNet 
Boat Search (new)

Shop the
SailNet Store
Anchor Locker
Boatbuilding & Repair
Charts
Clothing
Electrical
Electronics
Engine
Hatches and Portlights
Interior And Galley
Maintenance
Marine Electronics
Navigation
Other Items
Plumbing and Pumps
Rigging
Safety
Sailing Hardware
Trailer & Watersports
Clearance Items

Advertise Here






Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
 Not a Member? 


Like Tree1Likes
  • 1 Post By CharlieCobra
Reply
 
LinkBack Thread Tools
  #1  
Old 09-19-2009
davidpm's Avatar
Senior Member
 
Join Date: Oct 2007
Location: Madison
Posts: 3,840
Thanks: 207
Thanked 53 Times in 45 Posts
Rep Power: 8
davidpm is on a distinguished road
Can my corporation buy a boat.

Larry Ellison loves to sail and slaps his companies name on the side of his toy and calls it advertizing.

BMW ORACLE Racing=

My company is a "C" corp and we do websites and networking services.

Could I just slap my companies name on the side of the hull call it advertizing and buy the boat from the corporation?

Larry's doing it!!

It is more likely someone would want to buy their website from a fellow sailor than buy a database from some guy with an insane boat.

I talked to an ex ceo of a muli-national and he said the owners of large corporations spend corporate money in the name of advertizing all the time. Like Pilot Pen with tennis for example.
Reply With Quote Quick reply to this message Share with Facebook
  #2  
Old 09-19-2009
Zanshin's Avatar
Senior Member
 
Join Date: Aug 2006
Location: Germany
Posts: 2,264
Thanks: 0
Thanked 22 Times in 21 Posts
Rep Power: 9
Zanshin is on a distinguished road
A company can spend money whichever way it sees fit. Whether or not you can make expenses tax-deductable is another issue and best answered by your accountant.
__________________

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote Quick reply to this message Share with Facebook
  #3  
Old 09-19-2009
Senior Member
 
Join Date: Jul 2001
Posts: 1,174
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 14
k1vsk will become famous soon enough
I once suggested to my son that the corp he runs buy his boat and his wife (my daughter-in-law), who is a corp tax attorney, laughs. I infer the IRS would have a different reaction.
Reply With Quote Quick reply to this message Share with Facebook
  #4  
Old 09-19-2009
Senior Member
 
Join Date: Nov 2002
Location: New York
Posts: 5,823
Thanks: 0
Thanked 14 Times in 14 Posts
Rep Power: 15
bubb2 has a spectacular aura about bubb2 has a spectacular aura about bubb2 has a spectacular aura about
I know of several boats in my marina that are 2sd offices. The owners sub-s Corps.
__________________

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Never Forgotten

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote Quick reply to this message Share with Facebook
  #5  
Old 09-19-2009
CharlieCobra's Avatar
On the hard
 
Join Date: May 2006
Location: Bellingham, WA.
Posts: 3,503
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 10
CharlieCobra has a spectacular aura about CharlieCobra has a spectacular aura about
Oh Joy was owned by a corporation from '02 until '06 before I bought her.
glymroff likes this.
__________________
Baggett and Sons Marine Restoration
The Landing at Colony Wharf
Bellingham, WA.

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote Quick reply to this message Share with Facebook
  #6  
Old 09-21-2009
kd3pc's Avatar
Senior Member
 
Join Date: Oct 2006
Location: Callao, VA
Posts: 1,362
Thanks: 0
Thanked 9 Times in 9 Posts
Rep Power: 9
kd3pc is on a distinguished road
a few years back the father in law wanted to do the same thing...his CPA told him the two biggest things to draw an audit were boats and airplanes...

make sure you have your stuff together...the IRS can be a pain...and the fines are stiff and due NOW...

check with your CPA, it is certainly not as easy as placing a name and taking deductions...
Reply With Quote Quick reply to this message Share with Facebook
  #7  
Old 09-22-2009
primerate84's Avatar
Just a Member
 
Join Date: Jun 2006
Posts: 272
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
primerate84 is on a distinguished road
It has to be a legitimate business expense to be deductible. The corporation can own the boat, but your accountant will determine if it can be used to defray your tax liability. If you do end up deducting some or all of the expense, be prepared to have detailed documentation to defend your company if and when the audit occurs.
Reply With Quote Quick reply to this message Share with Facebook
Reply

Quick Reply
Message:
Options

By choosing to post the reply above you agree to the rules you agreed to when joining Sailnet.
Click Here to view those rules.

Register Now

In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

 
Posting Rules
You may post new threads
You may post replies
You may post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On


Similar Threads
Thread Thread Starter Forum Replies Last Post
What can you tell from the numbers? brazilnut Boat Review and Purchase Forum 10 07-01-2009 04:09 PM
Trailering? Pick a Boat Bruce Caldwell Cruising Articles 0 07-22-2004 08:00 PM
Boat Swapping Mark Matthews Cruising Articles 0 07-15-2004 08:00 PM
Naming and Renaming Your Boat Sue & Larry Buying a Boat Articles 0 12-15-2003 07:00 PM
Refitting an Older Boat Sue & Larry Gear and Maintenance Articles 0 12-16-2000 07:00 PM


All times are GMT -4. The time now is 06:03 AM.

Add to My Yahoo!         
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2015, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
(c) Marine.com LLC 2000-2012

The SailNet.com store is owned and operated by a company independent of the SailNet.com forum. You are now leaving the SailNet forum. Click OK to continue or Cancel to return to the SailNet forum.