This year, my side hustle energy kicked in and I started 3 new businesses (Etsy, Airbnb & Door-to-door sales).
- Sales gig - Doing really well, I'm projecting $50k earned income by EOY.
- Etsy & Airbnb - Not too great. I plan to make investments in the next few weeks to help grow the business (e.g. Etsy - buy more product, Airbnb - Renovate bedroom and upgrade furniture).
How the businesses are paid:
- Sales gig - paid through my LLC;
- Etsy - paid through sole proprietorship (my SSN)
- Airbnb - paid through sole proprietorship (my wife's SSN)
In 2023, I planned to convert Etsy and Airbnb to the LLC's EIN, so all 3 businesses would be under 1 EIN. I understand it's probably safer to create 3 separate LLCs for all 3 businesses, but for now this is what I plan to do.
My question: Since the sales gig is doing so well, I'd like to spend the money from that business on investments for Etsy and Airbnb. How would I go about spending funds from my LLC EIN business on my other business via my and my wife's SSN?
Can I just convert both to my LLC EIN now and use the income to fund the Etsy and Airbnb business?
We file as Married Jointly, if that helps.
