Hi, All!
I'm very new to all this and appreciate ANY advice.
My situation: For most of 2021 I have been running a business as a Sole Prop. Mostly in a consulting role, however I did need to purchase equipment for the Sole Prop. in order to do some of the roles needed. Some of them were in the Video Game space where I had to purchase some video game consoles as well as software to perform the tasks needed.
Now I have created an LLC for this company. Can I transfer those assets to the new LLC and how would that work? I assume in the Sole Prop. that some of that equipment would be write-off eligible, if I transfer the assets will that no longer be the case?
Thanks again for all of the advice!
