LLC funding - Personal funds / legal liability
Hi BP Community,
I'm in the process of setting up an LLC and have questions regarding the initial funding of the LLC.
The plan is to purchase a property under the LLC but in order to do so, I assume I would need a separate business bank account which would then be initially funded thru private funds.
Do I need to issue any "share exchange" or specific internal documentation to record this cash infusion in order to protect the legal separation of LLC vs me as an individual? I have read that you need to be very careful in separating personal vs business expenses and cash flow as any person expense paid for thru the entity could be a potential weak point in legal action.
Regards,
Geoff