LLC Start-Up Cash and Funding
Hello! I'm a new investor with a shiny new LLC. We're getting ready to close on a 4-plex, and I'm curious about a couple of things.
When forming the LLC, we decided (with our attorney) to capitalize the business with $1000. Once we get our business bank accounts set up, we'll just write a personal check over to the business and our business account will have a balance of $1000.
Question 1: When closing on this property, the deed will be in the name of the LLC, but the loan will be guaranteed by us personally. Should we put the full amount of closing costs into the LLC account and pay from there? Or does that matter? I already paid for the inspection out-of-pocket from my personal account because the LLC was not quite finalized yet...
Question 2: The property we're buying is a good deal, but we may need to put a new roof on it before we've saved enough in Cap Ex from rental income. Can we just "invest" more of our personal money into the LLC account to cover it?
Thanks!