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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10639
Experience:  30 years of corporate, litigation and international law
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I live in Illinois and just formed an LLC for a wine store/lounge.

Customer Question

I live in Illinois and just formed an LLC for a wine store/lounge. I am having the actual bar built by a family member. In recording the purchases for material, how do I categorize them? Since the finished product of the purchased materials will be a bar, do they need to be recorded as assets or expenses?
Submitted: 7 years ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 7 years ago.
How much will the bar cost to build?
Customer: replied 7 years ago.
Aprox. $3000.
Expert:  Richard - Bizlaw replied 7 years ago.

You can treat it either as an asset or an expense because of the relatively low cost.


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