OnlineSiding.com offers home owners informational resources on siding, windows, and financing, with the ability to get matched with a local member contractor. OnlineSiding.com is owned and operated by OnlineSiding LLC headquartered in Corvallis, Oregon.
I am 20 years old and I work full time at a bank (my `day job`). I am also going to college pursuing a degree in Business Administration. In my free time, I enjoy working to build my company as well as traveling, reading, being with friends, family, etc.
For our LLC we just write checks from our personal accounts and deposit them to the LLC account. We reflect the deposit as member investment "Rec`d Cash from Member as Investment" and credit the Member`s capital accounts on our books. For cash withdrawls we reflect it as "Member Cash Withdrawl" and debit their drawing account on our books.
It is usually a pretty straightforward process with cash. I think it might be more tricky if you contribute inventory, equipment, or services.
To my knowledge there are not set "rules"...I would just make sure you leave a paper audit trail, just in case!
It also might be a good idea to consult with your accountant for specifics.
A newsletter would really benefit your site. I would also take time to add a few more graphics (maybe of houses?).
Do you have any testimonials you could post from customers, OR do you have any articles from the news that you could use that talk about how useful a service LIKE yours turned out to be after a disaster?
It look like you have a lot of information from other people to digest. Hopefully it will help you--I do like the general layout and design of your site. Good luck!
I am providing a link below. It gives some good information on balance sheets as well as a link to an Excel template that you can fill in (and use).
Let me know if you have any other questions. Good luck!
yes this is true. I am not sure if you have to do corporate minutes and resolutions for an LLC, but in my case. When we had to open the bank account I made sure that "Just for Audit purposes" two of us have to sing the check in order to be valid. This helps establish a mutual agreement and if the other person down the road decides to say he wasn`t aware... Well his singature proves different.
Good suggestions, internal control is definately something to keep track of.
Typically LLCs do not need minutes or resolutions, but a bank may require them when opening the account.
Also note that banks do not (always) monitor all checks to verify that there are two signatures. The only time they would normally catch this is if it was actually presented to a teller in a branch. Most banks provide a liability waiver that you must sign on this subject. Nonetheless, it is a good practice if only for internal control purposes!