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A used $35,000 automobile that is used 100% for business is placed in service in 2019.If the automobile fails the
50% business usage test in the second year, no cost recovery will be recaptured.
Guarantees Payment
Refers to the assurance provided by one party to another that payment will be made according to the agreed terms and conditions.
Personally Liable
Being directly responsible for the fulfillment of an obligation or the compensation of a loss, often in a personal capacity rather than corporate.
Wrongful Acts
Actions that are illegal or immoral, causing harm or damage to others.
Limited Liability Company
A type of business structure where owners have limited personal liability for the debts and actions of the company.
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