On 2008-08-27, Leon Fisk wrote:
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.

And if the business owner mixes private and corporate business, then
his corporate veil may be pierced and personal assets taken anyway.

It takes a substantial effort to maintain enough separation. Something
that I decided is not worth doing and is unlikely to succeed, for me
(I had a corporation for appx. 10 years). My own approach is to avoid
things that could expose me to big liability.

i
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