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I am looking for an investor for my music business. Can I use this scenario to attract an investor? |
Here's the scenario. Can I attract a potential amateur musician to become an executive producer on my band's project if he is listed as a partner in our LLC and therefore he can write off all of his musical instrument purchases (home studio , guitars, amps etc.) off his taxes. At that point he is no longer an amateur. He has made an investment in our business and we will do our best to turn him a profit on his investment. Does this seem like a viable and legal plan? You should be very careful with schemes that involved what may be tax fraud. A lot of folks found themselves serving long prison terms over what seemed like such a great idea. That said a "true partner" may just find that they have a number of tax deductions based on the business related items purchased or transferred to the company. If he purchases that equipment and gives it to the business, that sounds like his capital contribution. It would not be deductible to him except as his share of the depreciation. No. Among other things, that wouldn't make him able to write off all his musical instrument purchases unless they were actually used in the production of income by your band |
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