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I have 4 businesses I use quick books one business is making…

Customer Question
Hello I have 4...

Hello I have 4 businesses I use quick books one business is making all the money and I’m transferring money from one business to other businesses. I’m the owner so I cut a check to myself and than disperse to other businesses

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

How do I do it easier way

Submitted: 2 months ago.Category: Finance
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Answered in 1 hour by:
5/31/2018
Financial Professional: Courtney Davis, Enrolled Agent replied 2 months ago
Courtney Davis
Courtney Davis, Enrolled Agent
Category: Finance
Satisfied Customers: 2
Experience: Owner at Davis Professional Services
Verified
My name is ***** ***** I will be assisting you. You have multiple businesses in which you are the owner. You write one check to yourself and disperse those funds. Are all of the businesses the same type? I.e. are they all corporations or llc's?
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Customer reply replied 2 months ago
they are the same type it’s a trucking business except one is a property
Customer reply replied 2 months ago
But they all incorporate
Financial Professional: Courtney Davis, Enrolled Agent replied 2 months ago
There is no 'easy' way. What you can do is make a loan from the profitable company to the unprofitable company. You would set the loan up on every company's books. You would write one set of multiple checks. The way you are doing it now it looks like a dividend distribution to yourself which is a taxable transaction.
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