qbteachmt
Level 15

"There are two pickup trucks a 2016 that was used then traded for a 2021 owned by one of the partners."

Personally owned vehicles would not be paid for nor depreciated nor operated by the LLC as if the LLC owns them. The LLC needs to be the Owner. That is titled property.

If you and I form a partnership, and I contribute a truck to the partnership, I cannot also be the owner of that truck. If I want to use my personal vehicle for business, the LLC needs to have the provision that I can get reimbursed for the operating costs or there will be mileage allowance reporting.

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