I'm a sole proprietor & established L3C in Illinois. It is not a Non-Profit, it is a Low Profit Limited Liability Company. I'm engage in the business of recycling guitars.
I have folks donated guitars to me in poor to good condition. I make minor to major repairs and then donate them to someone who may need it. I donated one to a missionary, one to an individual child in need and donated to a non-profit Autistic kids with a music program.
Can someone help me figure out how to account for 1) a donation to me (I'm not a non-profit but still inventory), 2) adding the cost of repairs to the inhouse guitar being repaired, and 3) accounting for the giving of the guitar to an individual or non-profit?
Any help would be of great assistance and greatly appreciated.
I have folks donated guitars to me in poor to good condition. I make minor to major repairs and then donate them to someone who may need it. I donated one to a missionary, one to an individual child in need and donated to a non-profit Autistic kids with a music program.
Can someone help me figure out how to account for 1) a donation to me (I'm not a non-profit but still inventory), 2) adding the cost of repairs to the inhouse guitar being repaired, and 3) accounting for the giving of the guitar to an individual or non-profit?
Any help would be of great assistance and greatly appreciated.