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Transitioning Expenses

ScottAScottA subscriber Posts: 1
edited April 2007 in Accounting and Financial Management
Hi all,I recently formed an LLC with two other partners and just opened a bank account, into which we`ve deposited most our startup funds. My question is how should I deal with the expenses for the business that have already been paid out of my personal checking account? Should I have the LLC reimburse me, or should I just leave them as-is as personal expenses for business purposes (I assume they`d still be tax-deductible)? Any ideas?
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Comments

  • sreyssreys subscriber Posts: 0
    Jeff`s on the mark as far as having the LLC reimburse you.
    However, a multi-member LLC must file a tax return. By default it`s a partnership return, although the LLC can elect to be taxed as C-Corp or S-Corp.
    A single-member LLC does not file a separate return unless it has elected to be taxed as corporation.
    Scott Reynoldssreys2007-4-12 18:11:1
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  • ScottAScottA subscriber Posts: 1
    Hope that helps.
    Very much so. Thank you.
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