Legal Question in Business Law in California
General Partnership Leasing Options
I'm currently in a general partnership, equally owned by 4 partners. My question is if I would like to take advantage of tax savings by leasing a car for the business, can I do so through a general partnership? If so, would the expense be tax deductible or can this only be done through a corporation?
1 Answer from Attorneys
Re: General Partnership Leasing Options
A car, like any other business expense, is deductible only if and to the extent it is used for business purposes. Whether the business is a partnership or a corporation does not affect the tax status of the car. You should check with the business's accountant to make sure your use of the car will qualify as a business expense. There are special depreciation rules which apply, too.
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