paulsharvey
Elite Member
So, a question for you smart fellas;
Who owns the tractor? Do you own the tractor as a person, or a company? If you personally own the machine, has anyone set it up where your LLC leases the machine from you? When we start talking about making a real, but small business out of it; this stuff affects taxes, possible business sales, insurance, liability, ect.
If the business owns the machine; what do you do with personal use, if that adds up to a significant amount? Call it business loose?
What I'm talking about is the guy who has a 7-530 job, that sets up a LLC (or any other legit business operation) and does several days per month of hired work; but also uses the machine a good bit at the house/farm?
For the guys doing this, who also legit farm; is the farm business the one doing the hired work, and it's all one organization?
Who owns the tractor? Do you own the tractor as a person, or a company? If you personally own the machine, has anyone set it up where your LLC leases the machine from you? When we start talking about making a real, but small business out of it; this stuff affects taxes, possible business sales, insurance, liability, ect.
If the business owns the machine; what do you do with personal use, if that adds up to a significant amount? Call it business loose?
What I'm talking about is the guy who has a 7-530 job, that sets up a LLC (or any other legit business operation) and does several days per month of hired work; but also uses the machine a good bit at the house/farm?
For the guys doing this, who also legit farm; is the farm business the one doing the hired work, and it's all one organization?
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