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Discussion in 'Business Operations' started by JFGLN, Jan 16, 2007.
Can I lease a shop, built on my property, back to myself? We are set up as an S corporation.
yes you can
Wow I never herd of that. Allthough we are an LLC
Yes as long as your a S corp you are allowed. Thats what I do and have been for the past 3 years
I do the same thing. I own the building, S Corp pays rent, therefore I collect rent and make my payment!
Do you guys just pay yourselves rent from the biz? OR do you have the biz pay for all water, sewer, phone, electricity bill etc? Say pay rent for 1K & utitlities are 200 / month? So does the biz pay for the entire 1200 or just the 1K in rent. Then there is insurance, property taxes??
Yes you can. You can even rent yourself a room for an office and a rental spot to park your truck if you really wanted to. Alot of larger companies have their own leasing companies specifically for that reason.
SSsshhh .... ya'll are letting the cat out of the bag ....in advantages of Inc & LLC
You take money out of your right pocket and put it in your left pocket...
I'll never get the hang of this.
big thing it helps with are corp. taxes, dont want to have any money in your account at the end of the year, corp taxes are higher