Premium Members Michael Hauer Posted April 12, 2013 Premium Members Report Share Posted April 12, 2013 Hey Guys, I recently formed a single partner LLC to do all of my gear rentals through and I am not sure what to do next in order to legally transfer the gear over from me to my LLC? I assume it would just be a notarized bill of sale but at the same time I don't want this to be a taxable event. Also someone told me I don't even need to do this since I am essentially the LLC and the LLC is me, but that seems suspect since what happens if I need to make an insurance claim and prove that the gear belongs to the LLC? If anyone has some insight into this I would really appreciate it. I am clearly lost... Thanks! Michael Quote Link to comment Share on other sites More sharing options...
Premium Members Jameson Johnson Posted April 12, 2013 Premium Members Report Share Posted April 12, 2013 I would ask your accountant, if you have one. An accountant would be able to advise best for your situation. I'm not sure what the exact process is, but I think you can transfer it to the LLC without a penalty. I haven't needed to transfer yet, but my accountant and I are discussing plans for a future transfer of property. Quote Link to comment Share on other sites More sharing options...
Premium Members Dave Isern Posted April 13, 2013 Premium Members Report Share Posted April 13, 2013 Get an accountant if you don't already. Your LLC can purchase all your gear from you for $1. Talk to your accountant first though. He/she will either deduct it or depreciate it. Congrats to you CEO! Dave Isern, soc www.daveisern.com Smooth Moving Productions LLC -since 1998 1 Quote Link to comment Share on other sites More sharing options...
Premium Members Michael Hauer Posted April 14, 2013 Author Premium Members Report Share Posted April 14, 2013 Hey thanks Dave! Great, thats what I assumed. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.