Yes. Within Limits.
To protect your business equipment, you must own it personally. The equipment cannot be owned by your LLC or Corporation. An LLC and a Corporation are separate legal entities. What they own is not the same as what you own. For example, to protect a vehicle used in a business, it must be titled in your name and not the Corporation or LLC. It is ok if you use it in the business but you must own it. Questions of who paid for the vehicle or recent transfers may arise.
Under the new Colorado Exemption law, you can protect up to $60,000 in business equipment that you own if it is used for your “primary gainful occupation”. $20,000 is protected if it is used in your “non primary gainful occupation” like a second job. So is you have regular job and you do lawn care on the side, you can protect up to $20,000 of the equipment if it is owned by you.
You should always consult with your attorney about your specific situation.
