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For those of you who finance equipment

Discussion in 'Business Operations' started by jason72g, Mar 13, 2013.

  1. jason72g

    jason72g LawnSite Member
    Posts: 88

    Are you personally financing the equipment or is your business financing the equipment and you're guaranteeing it?

    Just wondering what the best way to go about it is. It would seem to me that if you are personally financing it, then your business (LLC) wouldn't be able to depreciate or deduct it.
  2. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    You can do it and take the deduction. It maybe in your name but the company pays for it. Once you become established you will be able to buy it in the company with a personal guarantee.
  3. rockymtnnut

    rockymtnnut LawnSite Senior Member
    Posts: 284

    You have to be huge and very reputable for a business to secure a loan without a individual guaranteeing the loan.
    Posted via Mobile Device
  4. Green Grass

    Green Grass LawnSite Member
    from MN
    Posts: 163

    business takes the loan and I either personally guarantee it or they use other equipment as collateral also.

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