My question involves business law in the state of: Washington.
My wife and I are considering starting a business in the form of a LLC with both of us (and nobody else) as members. This would be an extension of our hobbys so we are looking to use some of the personal assets we have right now (equipment, tools, intellectual property) to achieve the business goals. In parallel, we’d like to continue using the same equipment for personal, non-commercial reasons (fun! :)). Is use of personal assets in business allowed or regulated/limited in any way? Are there financial or tax consequences? What are the differences in this regard between a LLC and a partnership?
Thanks.
My wife and I are considering starting a business in the form of a LLC with both of us (and nobody else) as members. This would be an extension of our hobbys so we are looking to use some of the personal assets we have right now (equipment, tools, intellectual property) to achieve the business goals. In parallel, we’d like to continue using the same equipment for personal, non-commercial reasons (fun! :)). Is use of personal assets in business allowed or regulated/limited in any way? Are there financial or tax consequences? What are the differences in this regard between a LLC and a partnership?
Thanks.
Business Ownership: Use of Personal Property in Business (LLC and Partnership)
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