Just closed my first house under a llc. Im planning to use my home depot credit to fund the fix. But i dont have llc account yet...can i buy things to my name? And then use the receipts in the llc expenses?any recomnended book for tax and llc newbies.
@Gerardo Cedillo Welcome to BP! LLC is meant to protect you the LL by separating your personal finances and liabilities from the rental property. I would get the new account opened up. Get a CC account and some counter checks as well as ordering checks. All purchases and payments need to go through the LLc account for LLC stuff, otherwise you are 'co-mingling' and defeating why you opened an LLC in the first place. Get yourself an accountant and not just for tax time. All the best!
Tks Bjorn...a friend mentioned , it can be part of the members contribution ….does any one has done something similar?. Any good book ? . But definetly ill get a good accountant, i just need to know if this is even possible