What is the proper way to

[Mary Jay]

Can you guys help me out with this?

I know that the rents deposited into my LLC bank account can not be just transferred into my personal bank account (Because if I do it then it pierces the corporate veil)

1) But what is the proper way to get that rent money out of the LLC bank account and into my personal bank account?

My LLC writes a check to me as a person?

2) If my mom owns 5% of the LLC, does it mean I have to give her 5% of money as well? In order for me not piercing the corporate veil?

Thank you!

[Carl Fischer]

@Mary Jay

Pay yourself a salary with taxes reported on W2, take a distribution reported on k1, repayment of a loan you made to the company are 3 ways to take money from the company. Distributions should be made on a prorated based on ownership- so distribution should include all owners. Talk to your cpa to see if other avenues exist.