Separating Business and Personal Finances

I have a few questions about separating my business and personal finances. My apologies if this was already answered somewhere but I could not find what I needed. I purchased a few things (domains, hosting, etc) before forming the actual business entity (an LLC) and opening a business checking account.

What is the best way to transfer ownership of those assets to the business? I thought about just creating an itemized receipt, reimbursing myself, and changing the registration information. Is it as simple as that or did I miss something? Thanks in advance!

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You should see a lawyer to set up the transfer.
As far as the startup costs, you could lend some money to the business. Again see a lawyer as requirements vary by state

 

I think this article may help you; http://findarticles.com/p/articles/mi_m1563/is_n3_v10/ai_11970990

 

Thanks!

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The business finances are booked into the LLC as Member Contributions. You can draw against contributions but it is taxable income. Some of your contributions could be booked as Loans From Member in which case a loan repayment would not be taxable. And yes I am an accountant.

 

Good question. This is something I'll need to deal with too, as I used money from cashed in stocks to pay off the startup debt during the year.

 

Thank you for the information! Even just knowing more of the terminology helps a lot. This sounds complex enough that I do probably need to hire a professional. I think I can find out enough on my own now that I don't waste too much of their time though.

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