taxes, llc, finance, debtI’ve reached out to my accountants and am waiting on a response but I wanted to poll the folks here for their take.
I’ve started a very small, one man company (LLC) in the U.S. on a modest budget and am trucking right along with the business plan. Unfortunately I have to pivot on part of the plan and purchase some equipment that I didn’t initially intend to nor plan for. I can invest more money into the business, but I’d rather finance it. I have the opportunity to make the purchase with an excellent cash back credit card in the businesses name, and I have a personal credit card in my name with an excellent balance transfer program. Those two programs together would essentially make the purchase an interest free, 12 month loan. An interesting prospect for a bootstrapped small business owner for sure.
Would anyone be able to speak on the implications for the business with regard to taxes and expenses, should I go this route to purchase the equipment?
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