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Hi, I recently created a single member LLC that is treated

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Hi, I recently created a single...
Hi,

I recently created a single member LLC that is treated as a disregarded entity for tax purposes. I would like to contribute $10k to the business to fund expenses. I have a separate bank account set up for the LLC-- can I just transfer the funds from my personal bank account to the LLC's, or are there other steps I need to take?
Submitted: 7 years ago.Category: Tax
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Answered in 7 hours by:
4/1/2010
Tax Professional: Stephen G., Sr Income Tax Expert replied 7 years ago
Stephen G.
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Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

 

Yes. You can do that with no problem. Just make sure you keep track of how much you put in to the account for accounting purposes & don't mistake it for revenue as it will be included in your total deposits for the month in your bank statement.

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,244
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