I am new for an LLC, I have some questions about it, please help me to understand it. Thank you!.
If a single -member -rental- house LLC , that owns a rental property is using pass-through income tax treatment (schedule E) and the owner has a separate bank account for the LLC, the questions are as follows:
1- Does the owner have to pay any income tax on the funds that he/she drew from the LLC's bank account.
2- At the end of the year, does the LLC need to issue any form/document to the owner for income tax or other reason (for the money the owner drew funds during the year).
3- Can the owner have to draw the funds from the LLC 's bank account during a year or he/she can leave money in there as long as he/she wants.
