We are a small family business, an LLC, taxed as a partnership.
If one of us wants to "cushion" our business account by transfering money from our personal account to the business account, how do you record that for tax purposes? or do you even need to apart from recording it the bank register? I wouldn't think it could be considered "income".
Am I correct in thinking this is just a simple transfer, and not considered taxable income?
It would only be a temporary transfer, and then it would be paid back as soon as possible.
Is it fine to make the transfer and just leave it at that...without complicating it?
I don't want to do it if it starts getting technical.
Thank you in advance!
