Alchemy Autosport Posted February 26, 2019 Report Share Posted February 26, 2019 I know a bunch of you guys run your team as a registered business for the tax advantages since you have cashflow with renters payments. We are going to do the same, but I have a few questions that I was hoping some of you guys could help me out with. I know that things are different state to state but the general ideas work the same I believe. 1. Ficticous Business Name (DBA) or LLC - SO the obvious one here is the financial liability, but outside of that I dont know if there is any other benefit to spending the additional $800/year in LLC registration fees in Commifornia. To protect us I can get personal liability coverage for less. So I dont think it worth it, but I dont know. 2. Does the business own your tow rig/trailer - registered under the business or do you expense miles and costs? 3. Any other tax advice or other advice? Thanks! 2 Quote Link to comment Share on other sites More sharing options...
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