Legal Question in Business Law in California

Re: LLC capital contributions

The answer would be different depending upon whether you mean "for tax purposes" or "for private agreement purposes."

The members of an LLC can write the capital contribution terms of an operating agreement to allow for the type of contribution and use you describe, and could probably make rolling, informal addenda as required during the capital pay-in period (or even thereafter), but such arrangements should be in writing signed by all affected members, or someone authorized to monitor capital inflows on their behalf.

For depreciation and other income-tax related purposes, the rules are not so flexible. To the extent an asset is business property, personal use would be treated as in-kind income. I don't practice tax law, so see a tax specialist for particulars.