Avoiding LLC/Personal Finances Commingling
As I'm getting the foundation of by business started, I'm trying to take into consideration the tax implications as well as the legal implications of the money I spend. Since I don't know the answer to this question, I've actually been delaying some of my actions so that I do this the ideal way tax-wise.
I have two main concerns (one on the tax side, one on the legal side):
1. I want to be able to deduct business related expenses. Until I have a separate entity set up, I cannot conduct these transactions in the entity's name. If I incur some expenses before that point, and some after that point, will there be complications or risks in deducting all of this as part of the same business?
2. Once I have an LLC set up, and before I've completed any deals what is the best way to keep it funded for expenses? I'm considering things like membership fees, separate phone line, the cost of the LLC setup. Also regular large expenses like marketing. Since this can add up quickly, from a legal standpoint am I making my LLC protections vulnerable by regularly depositing personal funds to the LLC checking account? Since that first deal to complete may be many months down the line, it's hard to know how much to use to seed this account. Or, is this approach fine, and the LLC can just reimburse me for these expenses at the point when the capital is there?