How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask William Ellis, CPA Your Own Question
William Ellis, CPA
William Ellis, CPA, CPA
Category: Tax
Satisfied Customers: 296
Experience:  Over 15 years of experience in public accounting
50200401
Type Your Tax Question Here...
William Ellis, CPA is online now
A new question is answered every 9 seconds

I need to transfer some personal money into my new LLC corporation

This answer was rated:

I need to transfer some personal money into my new LLC corporation bank accounts. Is keeping a receipt of the deposit sufficient for tax purposes or do I need more/different documentation?

Thanks.
Welcome. THANK YOU for choosing Just Answer. My name is XXXXX XXXXX my goal is to help make YOUR life, a little...LESS taxing.

The bank transaction receipt from your personal account will suffice as documentation if ever questioned about the funds.

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3444
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Tax.appeal.168 and 5 other Tax Specialists are ready to help you
Hello and thank you for allowing us at Just Answer to assist you. The deposit is sufficient, but I would keep an equity ledger. Especially if this LLC is going to be profitable since you'll be looking to elect S-Corporation status.

Thanks,

Bill
William Ellis, CPA, CPA
Category: Tax
Satisfied Customers: 296
Experience: Over 15 years of experience in public accounting
William Ellis, CPA and 5 other Tax Specialists are ready to help you

Related Tax Questions