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Business & farm
We should make sure this is a single member LLC.
If this is a multi-member LLC the personal expenses will be handled a little differently. End result the same, but there is one additional factor involved. The expenses paid from personal funds will either be treated as a loan to the multi-member LLC or as a capital contribution.
If this is a multi-member LLC the personal expenses will be handled a little differently. End result the same, but there is one additional factor involved. The expenses paid from personal funds will either be treated as a loan to the multi-member LLC or as a capital contribution.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎June 3, 2019
4:31 PM