LLC Accounting Questions for New LLC Owners (cross posting)
Hi everyone!
My husband @Kevin Kovalsky and I have been in the process of setting up a business structure for our rental properties where each property is in its own LLC and then all the individual building LLC's are owned by a parent LLC.
The purpose of the LLC's are for asset protection but from what I understand, it can all be for naught if you screw up the accounting and since we are brand new to this we have a few questions and I'm not even sure who to ask! Would you mind pointing us in the right direction? Are these questions for a lawyer, tax accountant or some other resource? Does anyone know these answers?
- How do we pull money out of the LLC to put toward a down payment of another building?
- How do we pay ourselves from the LLC's?
- How do we put money into an LLC to fund a project if there is not enough there already to cover it (i.e. new roof)?
- Does it make sense to have a bank account for our parent LLC? What would you use this account for?
Thanks so much!
Monica