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Robert Glennon
  • Commercial Real Estate Agent
  • Lansing, Mi
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Paying personal debt with company checking

Robert Glennon
  • Commercial Real Estate Agent
  • Lansing, Mi
Posted Feb 3 2016, 19:08

I'm working on getting all of my rentals transferred to my LLC and setup in Quickbooks. I'm using Nancy Neville's book: "QuickBooks for Landlords who hold & flip" which is a great help.

I have a few personal unsecured lines of credit that were used to purchase/rehab these homes. 3 questions:

1. Do you recommend paying those lines of credit directly out of business checking acct, OR making a draw to myself first and then paying the line of credit from my personal checking account?

2. How will doing one or the other affect me tax wise?

3. How will doing one or the other affect the balance sheet and profit/loss statements?

Unfortunately, I'm not at a place where I can refinance the lines of credit I to a business loan at this time.

What say the experts?

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