Best Way To Contribute Personal Photography Equipment Assets into LLC?

Started 4 months ago | Discussions thread
Ryan Steel Regular Member • Posts: 117
Re: Best Way To Contribute Personal Photography Equipment Assets into LLC?
1

jjz2 wrote:

I know this is more of a business question, but I'm sure when many photographers got "serious" they did that.

So just wondering how you did it?

Considering starting a company that will offer photo/video as part of the content package, would like to contribute the assets into the company for equity stake of 2 person LLC.

How did you go about allocating and expensing the equipment? I have probably $10,000 worth of equipment when all said and done.

Also, once it is part of the "company" property, did it become off limits for you as personal use? Did you buy separate cameras for personal use only? Or just use your pro stuff for things like travel/street photography anyway?

You should not rely on any information provided in an internet forum. You need to contact a CPA. These are very basic questions, which suggests to me that you are way out in left field as it pertains to your understanding of these topics. How do you know what anyone says here is actually true? Do you want to risk being audited by the IRS (or whoever is your tax authority)?

A CPA can also represent you with the IRS should they audit you. The nominal fees charged by a CPA are well worth the cost and such fees should be included in your business plan and financial planning.

Do not DIY this.

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