Question
How to classify Camera Lenses business
A partner and I own camera lenses that we gave to a consignment company to lease out. We get 60% of the proceeds and the consignment company gets 40%. We don't own a 'rental' company but we do have an LLC set up to manage the business. I need help figuring out what business activity code to use.
In simpler terms - we bought an asset (camera lenses) and gave them to another company (written contract) to facilitate the rental income. We receive a check each month based on how they perform.
