Updated over 6 years ago on .
Most recent reply
presented by
Taking money from one LLC to fund another, do I pay taxes
Hi everyone! New to posting, however, I have been reading this forum for sometime.
I have a full time job ( W2 type job). I also have an LLC (with a partner) providing a service, which has generated profits. I reinvested those profits to get equipment for the LLC and depreciated this equipment over the next couple of years, during which I may not pay any taxes as the depriciation would outweigh my profits.
Currently, I have some money sitting on the LLC's account. I would like to take this money and buy some property under another LLC. Can I do this without any tax implications? For example, assume there is $100k on the LLC's account. Can I use this as a down payment on a property that will be under the other LLC without paying taxes on it? Also me and the same business partner will own the other LLC.