Single Member LLC Capital Contributions
I have a Single Member LLC where i have gave an initial capital. I do cash based accounting.
My question is since the initial capital doesn't count as income correct? then when i transferred a portion of the initial capital back to my personal account would that not be taxable and count as "Owners contribution/entity".
Then since i only took around 75% of my initial capital back to my personal account i would have P&L which i would file a schedule C and use on my personal tax return correct?