Start a business to protect personal property?

Likely not. It will probably be considered fraudulent transfer, unless you were able to raise funds with your business that you can't raise personally, buy the materials from yourself, and pay the creditors.

I don't think that it will stop the equipment from being repossessed because the agreement which you have made with the creditor is for purchasing the equipment and so all the terms and conditions on the equipment are applicable even if you move it to another business.