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Accounting & Bookkeeping & Small Business Forum
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Guest
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| Posted: Thu Jan 15, 2004 9:02 am Post subject: Limited Liability Corp (LLC) |
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| I have a client who is a member (owner) of an LLC (Partnership - they have three members in total). His vehicle is registered under his name, verses the LLC's name. Can he still deduction the business use of his vehicle on the Partnership return, or does he have to take the deduction as an employee, which would be on form 2106 of his personal return? The LLC pays for the gas, repairs and maintenance expenses. Any help would be greatly appreciated! |
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Guest
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| Posted: Fri Mar 19, 2004 10:59 pm Post subject: RE: Limited Liability Corp (LLC) |
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It's probably best to have the LLC reimburse the partner based on a mileage rate for his personal use. That way the LLC can deduct the cost as an expense without any problem.
Incidentally, there's no such thing as a Limited Liability Corporation -- it's a Limited Liability Company. |
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