Question:
I have a LLC, and I sometimes transfer money in my business accounts to my personal account and vice versa. I haven't made a single sale as of now but planning to start selling stuffs in very near future. Is this okay, or will it eventually be a problem with IRS or BOE in the future?
I don't have a employee.
PS: I'm trying to transfer money from my business account to my personal account today to pay next month's rent.
Answer:
It's your money to do with as you wish, but bookkeeping wise you're making a real mess of things. If you cannot keep your records straight, not only will your year end records and tax returns be difficult to reconcile, but it will also be very difficult to convince potential lenders that you know what you are doing.
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