Posts by briskjackal9

Carol Price4 said:You’ve basically got two ways to play this—you can sell the equipment to your company as an individual, which lets them list it as fixed assets, or you can hire a professional appraiser at the start to value everything and roll it in as your initial capital. Just a heads-up though—if the value is massive, that second option only really works for a standard LLC; you won't be able to go the Single-Member LLC route if the capital exceeds certain limits. $6.75...

If I go the single-member LLC route, can I give the company a loan first and then sell my equipment as an individual? Like, could I lowball the value to maybe $1667 bucks just to keep the asset value on the books super low? Also, does it matter if I don't have actual receipts for the old gear??

Thinking about going legit and starting a business to cover all the side gigs I've been doing under the table. My gear is worth about $11,000 if it were brand new. Two things: 1. Is it an issue moving my current equipment over to the company books if it’s used and I don't have the original receipts anymore? 2. If I set up an LLC, can I lowball the equipment value so I don't trigger an automatic audit? Does the company capital have to stay under $20 $0.00?