Once your LLC has been established and you're under way, how do you transfer money from your personal account into the LLC?
And what are the tax implications of that?
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Listen to the audio
- To listen to this interview snippet, just click the play button above (twice if necessary).
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In this audio snippet, you'll hear about:
- Depends on number of partners.
- Single member is as simple as writing a check
- Multiple members gets a little more complicated.
- If one partner writes a check and others don't, he doesn't get any greater tax break than the other partners
Audio Transcript
Travis:
OK, out of an LLC. Good. So once your LLC has been established, and you
are under way, how do you transfer money from a personal account into
the LLC, and what are the tax implications of that?
Yosef:
Well again, Travis, that's going to depend on how many partners there are to the LLC.
Travis:
All right.
Yosef:
If it's a single member LLC, it's again just as simple as writing a
check. If there are multiple members, I would not advise you as the
managing member to just write a check and assume that everybody else is
just going to follow in tow.
Travis:
OK.
Yosef:
Here's something else to realize: if there are multiple partners in the
LLC, and one partner decides to contribute more money to the LLC to
cover certain expenses, he is not going to get a greater tax write–off
than the other partners, per se.
Travis:
That's an important point.
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