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I am an insurance broker. have always operated as a sole

I am an insurance broker...
I am an insurance broker. have always operated as a sole proprietor but recently formed an LLC. Some of the insurance companies have not completed the licensing process for the LLC and continue to pay my commissions directly to me and others are sending commissions to the LLC. I need to move funds between the accounts to pay liabiities. How can I do that?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: Not that I know of
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Answered in 4 minutes by:
10/16/2017
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,241
Experience: IRS licensed Enrolled Agent and tax instructor
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HI. My name is ***** ***** I will be happy to help you.

Is it a single member LLC?

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Customer reply replied 1 month ago
no, my son and I
Customer reply replied 1 month ago
How do I get my answer? I hear a sound as though I have received a reply but can't figure out how to pull it up?

Ok. So you formed a partnership.

As long as the 1099Misc is issued to the partnership and you report all of your income, it does not matter. You can transfer funds between your accounts, just make sure you keep good records of the transfers.

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Customer reply replied 1 month ago
if I can just transfer funds between the two? I don't have to show it as a loan or anything?

No. Bank deposits can help you to determine your sales or business income but in general, it should not be used as the main indicator. You should keep separate books or use a bookkeeping software like Quickbooks or Quicken to track your income and expenses.

Consolidate all your business related transactions into one account and if possible to not use personal credit card for business related purchases. Try to keep it separate. Until all your deposits are consolidated into one business account, keep good track of the transfers.

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Customer reply replied 1 month ago
Thank you. That answers my question

You're welcome.

emc011075
emc011075, Tax adviser
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Experience: IRS licensed Enrolled Agent and tax instructor
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