Monday, August 8, 2011

Question about non-cash contributions to a new LLC...?

OK, so i am starting an LLC with two partners. I am putting up all the cash and they will be doing the work. The company needs a van and certain equipment which I will pay for before the articles of organization are submitted/approved. im sure transferring the equipment wont be a problem but the van will be financed and the loan is not transferable. how do i account for giving the equipment to the company and letting it use a vehicle i personally own?

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