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Buying in an LLC and bank accounts
Have a LLC and want to buy through it. Do you have to have funds in an business LLC account for the LLC or can you show personal funds and submit to buy in the name of the LLC.
How do you set up your accounts since money goes in and out. Personal to LLC.
Anyone have good suggestions on setting up these accounts and what works best.
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If you're asking about showing proof of funds to the seller, from my experience it doesn't matter. You can have the funds in a business or personal account. I usually just ask my bank for a proof of funds letter that says I have the funds to purchase the property for x dollars. They can write the letter from me or my LLC.
I usually just transfer funds into my LLC business account to purchase the property but for tax and asset protection be sure to keep things separate.