Originally Posted by Weekend cut easymoney
In partnership, he said it last year in passing...I didn't question him though....maybe so I could increase my own income relative to partner...
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I signed for much of the equipment then gave away two truck when I went through a partnership breakup. If you buy it and lease it to the company several things happen.
You can take a loss ( depreciation) on it beyond what the company earns say against the wifes income.
You own the equipment and it is not partly owned by the partner so if there is a break up you still have it.
True partnerships and many of them fail sooner or later.