Transferring Assets to newly formed SMLLC

Hi! I recently started a Single-Member LLC custom furniture business in late 2019 (moving from a hobby to actual business). I have ~$10K in tools that I have given to the business upon incorporation.

1. How should I record this transaction?

2. What are the taxable ramifications of it?

3. Can I count this towards expenses at all?

posted

a single member LLC is treated the same as sole proprietor....there is no difference and an LLC is not a corporation or incorporated....the tools are assets that can be depreciated or deducted as expenses if they're small tools as in $200 or less.....