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Jfbhd4 · 12 June 2015, 08:30 PM

My good friend and I are going to each get a Roo this Christmas.

He is getting panda, me, the first offshore, the beast.

He is actually my hair guy (sounds more manly than stylist) so I see him every 3 to 4 weeks.

The plan is to swap watches often because we both love both.

My though is to set up an llc so we can add more in the future and each chip in for insurance, maintenance etc. Has anyone done this?

I'm a lawyer so sometimes I over think things but I assume you cant let someone borrow your 20k watch and have it be covered if they lose it when they borrow it 6 months a year.

Thoughts

martinr · 12 June 2015, 08:44 PM

Who loses a 20K watch?

UFGators · 12 June 2015, 08:48 PM

Seems like a cool idea until one of you hints the watch accidentally on a desktop or catches it on something. The LLC won't help with that.

Jfbhd4 · 12 June 2015, 09:29 PM

I had a rolex stolen. Mind you, I had just finished driving 6 hrs and left my bag in my car...

Dings etc would be covered in the llc, put in cash every year to cover maintenance etc...

Jfbhd4 · 12 June 2015, 09:30 PM

uploadfromtaptalk1434108618099.jpg uploadfromtaptalk1434108628152.jpg

rebel_1 · 12 June 2015, 09:56 PM

Are you trying to somehow write off the watches as a business expense? Why the LLC? I do know that partnerships rarely work out, so I'd steer clear. But, if you could somehow write the watches off, then maybe. I would still steer clear of any partnership though.

Jfbhd4 · 12 June 2015, 10:23 PM

I can't imagine that would work unless I went into the watch business.

Seems like the answer is a resounding nope so we may just have to swap and hope for the best. They are very similar value and we have known each other forever so I think it would be smooth sailing

csi-n · 13 June 2015, 12:32 AM

Oh boy...it sounds like a bad idea all the way around, sorry.

Good luck!

Sam

APRolex · 13 June 2015, 12:36 AM

Bad idea. Admire each other's from afar !

samuelhuntington · 13 June 2015, 12:44 AM

I would skip the llc as I'm not seeing the point/benefit. I do think it's a cool idea to buy equal valued watches and switch every six months. Two watches for the price of one! That's only if you like them both equally, cause if you didn't like his as much as yours it would be a bummer to give up your favorite watch half the year for one that your not in to. I'm sure you could work out the insurance issues.

GB-man · 13 June 2015, 01:07 AM

Quote:

Originally Posted by APRolex

Bad idea. Admire each other's from afar !

I tend to agree. I don't share watches

B. Doggy · 13 June 2015, 10:11 AM

Why not just insure them separately as a rider on your home insurance policy? The LLC wouldn't appear to serve any specific purpose in this situation.

Mainewatchman · 14 June 2015, 03:15 AM

Sounds like a bad plan. Not sure what the LLC would do besides if the LLC would have ownership of both watches? So if you wanted to sell one or both you would do so as a business? Sounds like a lot of effort.

Hate to see what will happen if you both take a liking to one and not the other. I would say each by one and if you feel like trading down the road then do so.

Abdullasaif · 14 June 2015, 06:14 AM

I have no idea what i just read someone please explain.

12 June 2015, 08:30 PM	#1
Jfbhd4 "TRF" Member Join Date: Apr 2011 Location: St louis Posts: 347	Llc? My good friend and I are going to each get a Roo this Christmas. He is getting panda, me, the first offshore, the beast. He is actually my hair guy (sounds more manly than stylist) so I see him every 3 to 4 weeks. The plan is to swap watches often because we both love both. My though is to set up an llc so we can add more in the future and each chip in for insurance, maintenance etc. Has anyone done this? I'm a lawyer so sometimes I over think things but I assume you cant let someone borrow your 20k watch and have it be covered if they lose it when they borrow it 6 months a year. Thoughts

13 June 2015, 10:11 AM	#12
B. Doggy "TRF" Member Join Date: Aug 2008 Real Name: Bryan Location: Oregon Posts: 7,399	Why not just insure them separately as a rider on your home insurance policy? The LLC wouldn't appear to serve any specific purpose in this situation. __________________ Rolex / Panerai / Omega

12 June 2015, 08:44 PM	#2
martinr "TRF" Member Join Date: Jan 2013 Location: California Posts: 3,099	Who loses a 20K watch?

12 June 2015, 08:48 PM	#3
UFGators "TRF" Member Join Date: Jan 2013 Location: Orlando Posts: 19	Seems like a cool idea until one of you hints the watch accidentally on a desktop or catches it on something. The LLC won't help with that.

12 June 2015, 09:29 PM	#4
Jfbhd4 "TRF" Member Join Date: Apr 2011 Location: St louis Posts: 347	I had a rolex stolen. Mind you, I had just finished driving 6 hrs and left my bag in my car... Dings etc would be covered in the llc, put in cash every year to cover maintenance etc...

12 June 2015, 09:30 PM	#5
Jfbhd4 "TRF" Member Join Date: Apr 2011 Location: St louis Posts: 347	uploadfromtaptalk1434108618099.jpg uploadfromtaptalk1434108628152.jpg

12 June 2015, 09:56 PM	#6
rebel_1 "TRF" Member Join Date: May 2010 Location: Florida Posts: 2,132	Are you trying to somehow write off the watches as a business expense? Why the LLC? I do know that partnerships rarely work out, so I'd steer clear. But, if you could somehow write the watches off, then maybe. I would still steer clear of any partnership though.

12 June 2015, 10:23 PM	#7
Jfbhd4 "TRF" Member Join Date: Apr 2011 Location: St louis Posts: 347	I can't imagine that would work unless I went into the watch business. Seems like the answer is a resounding nope so we may just have to swap and hope for the best. They are very similar value and we have known each other forever so I think it would be smooth sailing

13 June 2015, 12:32 AM	#8
csi-n "TRF" Member Join Date: May 2013 Real Name: Sam Location: Arkansas Posts: 1,042	Oh boy...it sounds like a bad idea all the way around, sorry. Good luck! Sam

13 June 2015, 12:36 AM	#9
APRolex Banned Join Date: Sep 2014 Real Name: Sam Location: NYC Watch: AP Perp Skeleton Posts: 1,071	Bad idea. Admire each other's from afar !

13 June 2015, 12:44 AM	#10
samuelhuntington "TRF" Member Join Date: Sep 2010 Real Name: Sam Location: new hampshire Watch: 5167, 16570, 5513 Posts: 493	I would skip the llc as I'm not seeing the point/benefit. I do think it's a cool idea to buy equal valued watches and switch every six months. Two watches for the price of one! That's only if you like them both equally, cause if you didn't like his as much as yours it would be a bummer to give up your favorite watch half the year for one that your not in to. I'm sure you could work out the insurance issues.

14 June 2015, 03:15 AM	#13
Mainewatchman "TRF" Member Join Date: Mar 2015 Real Name: Jason Location: Maine Watch: AP & Patek Posts: 462	Sounds like a bad plan. Not sure what the LLC would do besides if the LLC would have ownership of both watches? So if you wanted to sell one or both you would do so as a business? Sounds like a lot of effort. Hate to see what will happen if you both take a liking to one and not the other. I would say each by one and if you feel like trading down the road then do so.

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14 June 2015, 06:14 AM	#14
Abdullasaif "TRF" Member Join Date: Jul 2014 Location: Dubai Watch: bipolar Posts: 2,854	I have no idea what i just read someone please explain.