LLC - How do I pay myself?

[Christine Krizenesky]

We have 2 duplexes in a LLC. We recently bought the second duplex and put a lot down. So there isn't a lot left for unforeseen expenses. I haven't ever paid myself anything as I was always trying to put away for any expenses, maintenance etc. as well as trying to pay down the mortgage as quickly as I could on the mortgages too. When J get to the point where I can pay myself, how do you decide how much to pay yourself and how do you go about doing this from an LLC?

[Ned Carey]

@Christine Krizenesky I see it is your first post welcome to BP.

Presuming the LLC is taxed as a disregarded entity or a partnership, you simply write yourself a check. You can put money in, and take money out, freely without any tax consequence. Yes the company profits will be taxed to you. However the amount of money that you take our or put in the company does not affect the amount of the taxes.

If you have elected to be taxed as an S corp or a C corp that is a different situation and you should talk to a good accountant.