I just started an engineering/prototype machining LLC. I already own a few CNC machines, and I would use them to make parts for my business. My brother-in-law suggested that I have my LLC pay me a "rental fee" for these machines.
His explanation was that it would make it clear if I sold the business or got sued that these are my personal machines and not owned by the LLC.
What do you all think? And if so, how would I determine the correct "rental fee"?
I am located in the US in the state of Virginia.