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Level 4
January 21, 2023
Solved

Transferring money from your business bank account to your personal bank account

  • January 21, 2023
  • 1 reply
  • 25 views

If you are a member of a family owned LLC, and you need to transfer  money from your business bank account to your personal bank account, does it have to be in the form of a guaranteed payment? Or can you just make the transfer? This would be for a member who is not actively involved in the day to day business, but a passive member...someone, who because of age, is not interested in being actively involved, but nonetheless would have a right to our family business account.

    Best answer by Bsch4477

    You can transfer money to any account or individual you wish but keep good records to separate business from personal activity. 

    1 reply

    Bsch4477Level 15Answer
    Level 15
    January 21, 2023

    You can transfer money to any account or individual you wish but keep good records to separate business from personal activity.