This is probably a little off topic, but I thought I'd throw it out there in case someone might be able to offer up some advice.
I haven't taken the time this tax season to do the research I need to on my hubby's and my other business (new in 2013). It's a union sheet metal business, multi-member LLC, filing as a partnership for the '13 taxes. It started up in July and we purchased about $30,000 worth of equipment and tools for the shop between July and December; free and clear of any loans. We had been planning this business for the past 8 years and had the money set aside. In the P&L we're looking at about $100k income before expenses, then we get down to about $40K in net income. I currently have the equipment entered into the shop equipment assets (to be depreciated), which of course are not showing up on the P&L.
Here's my question.....we are really torn as to whether or not we should keep the assets as owned by our business, or owned personally. It's been highly recommended to us by several people to NOT have our business own these items. In addition, we had about $40,000 worth of tools, equipment and our work truck that we already owned previously, which the business is also using.
Any thoughts would be greatly appreciated!! I have had very little free time between my tax business and the sheet metal business to research this further. I know your time is valuable as well.....
I haven't taken the time this tax season to do the research I need to on my hubby's and my other business (new in 2013). It's a union sheet metal business, multi-member LLC, filing as a partnership for the '13 taxes. It started up in July and we purchased about $30,000 worth of equipment and tools for the shop between July and December; free and clear of any loans. We had been planning this business for the past 8 years and had the money set aside. In the P&L we're looking at about $100k income before expenses, then we get down to about $40K in net income. I currently have the equipment entered into the shop equipment assets (to be depreciated), which of course are not showing up on the P&L.
Here's my question.....we are really torn as to whether or not we should keep the assets as owned by our business, or owned personally. It's been highly recommended to us by several people to NOT have our business own these items. In addition, we had about $40,000 worth of tools, equipment and our work truck that we already owned previously, which the business is also using.
Any thoughts would be greatly appreciated!! I have had very little free time between my tax business and the sheet metal business to research this further. I know your time is valuable as well.....