On Wed, 27 Aug 2008 13:41:43 -0500, Ignoramus17245
wrote:

On 2008-08-27, Jon Anderson wrote:
Talk to an enrolled agent, you might be better off leasing
the equipment to the business. Being a lease, the cost is a
write off.

But Grant would get rental income, which he would need to report, it
is a wash.

Jon

From what Grant has said in the past his type of work has
risk involved, ie being sued. If the company owns the
equipment an unfavorable outcome from a lawsuit could easily
take all the equipment/tools that he owns.

If you incorporate and rent the tools to the corporation
they would have a degree of protection from lawsuits. In
other words keep the corporation as poor as possible so it
has very little assets to lose.

I would check into insurance first and foremost. My Dad ran
a little manufacturing business for a bit. The liability
insurance couldn't be had economically.

--
Leon Fisk
Grand Rapids MI/Zone 5b
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