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Transitioning Expenses

    • 8 posts
    April 12, 2007 1:10 PM EDT

    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 Reynolds

    sreys2007-4-12 18:11:1

    R Scott Reynolds, CPA

    • 2 posts
    April 12, 2007 8:30 AM EDT
    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?
    • 2 posts
    April 12, 2007 7:41 PM EDT

    Hope that helps.

    Very much so. Thank you.