Can anyone else who has gone through this recently give me a few tips.

I'm aware of the sales tax licence, but, does this enable you to purchase raw materials w/o paying sales tax? How does this work with local home centers? Is this what the 'contractor desks' are for?

Also, I have purchased a good number of tools this past year (and last) and was told there is a way to 'bring them into the business' as a cost to the business (and depreciate them). Has anyone done or heard about this? Details?

I live in the state of Pennsylvania if that matters.

-There are three people that you need to know when you're starting a business: a banker, a lawyer, and an accountant.

-I'm assuming you're going to incorporate. The best way (IMHO) to get your tools into the business as a liability to the business and an asset to you personally is for you to lease the tools to the company.

This serves quite a few purposes - the tools can't be listed as an asset in a lawsuit since they're leased to the corp, the'yre an immediate expense to the company (cost of doing business) and will help offset the company's income at the end of the year, and as part of your lease agreement you can state that the company is responsible for the full replacement cost of the tool should it break...etc...etc..

Sales tax license - at least here in Texas...allows me to buy at wholesale prices without paying sales tax - that is, assuming I'm going to re-sell the stuff. Otherwise, I must pay taxes on what I purchase.

BTW - I'm not a lawyer, this isn't legal advice, yadda yadda yadda..just thought I'd give you my .005 cent.