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Transferring Gear to an LLC


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#1 Michael Hauer

Michael Hauer

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Posted 12 April 2013 - 02:34 PM

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


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#2 Jameson Johnson

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Posted 12 April 2013 - 05:18 PM

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. 


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#3 Dave Isern

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Posted 13 April 2013 - 06:35 PM

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


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#4 Michael Hauer

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Posted 14 April 2013 - 10:25 AM

Hey thanks Dave! Great, thats what I assumed.


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