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Updated over 7 years ago on . Most recent reply

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Chris H.
  • Investor
  • Detroit, MI
0
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3
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Transfers from Personal/Business Accounts

Chris H.
  • Investor
  • Detroit, MI
Posted

Hello!

I currently own 2 SFH's in my own name and all funds flow through my own personal checking account.


Moving forward, I plan to put all new properties into their own LLC (single member) with their own business checking account.

My question is this - If I open these new business checking accounts at the same bank as my personal account, can I make direct transfers from the business checking account into my personal account and vice versa? Or is this a big no no in terms of commingling funds?

If so, what is the recommended process for withdrawing excess profits from business checking accounts and putting them into my personal account for using towards future purchases?

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