How to separate business from personal income
Hey all,
I got into short term rentals about 9 months ago and have just been collecting all of the income direct into a savings account which I have not touched. I recently purchased a second property and am looking to leverage that income to pay for the new furnishings. I also have an LLC that I haven't done anything with yet. Should I switch that income over to the LLCs bank account and then buy furniture from there? Or is that unimportant.
Thanks in advance!
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John Underwood
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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
Pro Member
#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
Treat your business like a business or the LLC will provide no protection.
Pay for business expenses out of the LLC account.