LLC (by Tarheel T [NC]) Oct 8, 2018 2:15 PM|
LLC (by Barb [MO]) Oct 8, 2018 5:45 PM
LLC (by Landlord ofthe Flies [TX]) Oct 9, 2018 10:55 AM
LLC (by John2 [MI]) Oct 9, 2018 4:30 PM
LLC (by Tarheel T [NC]) Posted on: Oct 8, 2018 2:15 PM
So for those with LLCs, how do you withdraw funds from your LLC for personal use without piercing the veil?
I have heard the term taking a distribution.
LLC (by Barb [MO]) Posted on: Oct 8, 2018 5:45 PM
At the end of the year, the LLC that owns my rentals distributes proceeds to the partners. That distribution is listed on the K1.
According to my lawyer, I could also write a check monthly for proceeds, or to be paid as the managing member for services performed --64.251.xxx.xxx
LLC (by Landlord ofthe Flies [TX]) Posted on: Oct 9, 2018 10:55 AM
Just make sure you don't do anything that looks like it could be a salary. If it looks like a salary, it had better be taxed like a salary. --108.69.xxx.xxx
LLC (by John2 [MI]) Posted on: Oct 9, 2018 4:30 PM
Itís called a distribution.... we do what Barb describes above :) --24.247.xxx.xxx