What is the legal action to add assets to my company

Asked almost 2 years ago - Sacramento, CA

I have llc company , and i started my business with one car, after 6 monthes i bought another car. with another machine which coast me alot, now i want to add these new car and the machine under the company assets. could you you please tell me what is the legal action (documents) can BE filed which can protect the company assets

Attorney answers (3)

  1. Seyed Abbas Kazerounian

    Contributor Level 15

    5

    Lawyers agree

    Answered . You should be careful how you buy your company equipments in the first place. Because it could be looking like that you intermingling your personal funds with company funds which could ultimately in the future be used against you as into piercing the corporate veil. Having said that, you can have your company purchase the equipment from you and have the right documentation to show that transaction. I suggest that you have a business attorney look at the documentation to make sure that everything is in order so that you maintain your corporate shield

    Kazerouni Law Group, APC is a law firm concentrating its efforts in the area of consumer law, the Fair Debt... more
  2. Dana Howard Shultz

    Contributor Level 20

    5

    Lawyers agree

    Answered . The documentation the is required is internal: A record that buying the assets was approved by the member or the manager (meeting minutes or an action by written consent) and accounting records showing that LLC funds paid for the assets.

    There is no need to file those records with any governmental entity.

    This information does not constitute legal advice and does not establish an attorney-client relationship.
  3. Robin Mashal

    Contributor Level 19

    4

    Lawyers agree

    Answered . Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.

    As my colleagues properly point out, contributing additional capital to your company is an internal matter; you will need to document what assets you are contributing to the company and how that increases your membership interest in the limited liability company (LLC). If you are the sole member of this LLC, contribution of capital would not change your membership interest, but would nevertheless, increase your tax basis. For automobiles, you will report the change of ownership to the DMV so new certificate of title will be issued to your LLC. Contributing non-cash assets (as compared to cash) may raise tax planning opportunities and pitfalls, so I strongly recommend you speak with your legal and tax advisors before taking the above steps.

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