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Originally Posted by fuzzylogic
thank you. you not only cleared things up but gave me a lot to think about tonight.
for simplicity let's say all i have is one computer which i am using right now. it's my property but the LLC needs one to operate. if i give it to the LLC it becomes business property and no longer mine. so, if the LLC get sued the computer is added to the list of assets the LLC has. if i rent the computer to the LLC, the LLC has no physical assets in this situational example, because the LLC never bought anything and therefore has nothing to be taken except it's money in the bank.
is what i wrote above the reason this question is important?
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This is where a CPA will do you wonders. Each has its own reasoning. One owning it can take advantage of depreciation with taxes, while another way would be it paying for the use of such items. It is and can get highly complicated. As it stands do you even have reasoning of picking a LLC over another type or did you go with what was cheapest or looked the simplest?
Then what is the likelihood that your LLC or anything else would end up sued or going bankrupt while owing creditors? When you do speak with a CPA have them also explain the whole veil thing and how to keep it intact to prevent piercing if your concerned about your personal assets versus the LLC's assets.