Renting equipment from an individual: What to watch out for?
in Business, Accounting & Taxes ·
Chloe King4 said:So, I run my own business and I’m looking to offer this specific service, but there's one tiny problem—I don't actually own the equipment needed for it. Luckily, I know someone who does.
What’s the best way to set this up so everything stays totally above board and transparent?
I'm thinking maybe an equipment lease agreement? Like, my LLC could just make regular monthly or yearly payments directly to the individual owner?
Thanks a bunch!
Look, I don't know what kind of equipment we're talking about here or how much it's worth, but I do know there are plenty of setups where you rent gear by the minute, hour, or day. Just make sure you get a signed contract in writing. You definitely don't want the owner showing up halfway through a job demanding their gear back, right?