Business Operations

[Jeff Everitt]

What is the name of your state (only U.S. law)?
Colorado

 

[Jeff Everitt]

Two Questions

Background: Privately held small business; Colorado “S” Corporation, 15 years - all in good standing. I want to bring a close personal friend (of plus 20 years) who has fallen onto hard times into the company. Although he is not bankrupt, financial picture is bleak. One of his liabilities is his high-end motor home; payments are around $1200 per month plus another $60 per month for storage. We want to find a way to bring the motor home into my company and make it available for leasing. I will consider private or governmental leasing. This motor home is a deluxe – all options, self-contained unit in near-new condition. It has been immaculately maintained – including mechanical, exterior and interior.
Q1. How do we make this happen? Q2. Can this be done without the company taking over ownership?