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William Ellis, CPA
William Ellis, CPA, CPA
Category: Tax
Satisfied Customers: 296
Experience:  Over 15 years of experience in public accounting
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I need to transfer some personal money into my new LLC corporation

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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.

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Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3444
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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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 other Tax Specialists are ready to help you