Accounting on Property Transferred to LLC
I intended on transferring a property in my name to my LLC. I've done this before with a free and clear property but for the one I plan to transfer I have a note.
Since the LLC will be paying a note that is in my name, is there any special accounting I need to do?
Does the note need to exist on my LLC's accounts payable? If not, how do I log the payment?
Do I just do a owners draw each month for the amount of the loan and pay it from my personal account?
I am not an accountant, I probably need one, I just want to understand a few things a little better.
Also, I couldn't find a forum for Accounting, this may be misplaced but it felt like the best fit. Let me know if there's a better place for this post.
Thanks in advance,