Rage9

Although I have had an LLC for a couple months, I keep wondering whether to have checks made out to me or to the LLC. It doesn't matter so much anymore as I'm on wires for the most part but I get a check here and there and wondering, tax wise, and liability wise, if it makes a difference?

I guess the same question about having a business banking account, vs just putting it in my personal account.

I know it all flows through to my personal tax form at the end of the year anyways.

So Thoughts?

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Trypp

From my experience, you want to separate yourself from your LLC whenever possible. Have checks made to your LLC and have your LLC pay you. That's just the way I have always done things in the past and makes sense to me.

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PSU4Life

Exactly. For liability reasons you never went to mix your LLC with your personal accounts. As it was explained to me, if you get into legal trouble the 1st thing a lawyer will do is try to prove LLC is not in good standing or your not operating it correctly. If you don't operate like the LLC is its own enity, you easily open yourself up to personal liability.

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smaxor

LLC that's why you have it. Think of the LLC as another person. It functions as your alter ego. Everything you do business related you should be doing through the LLC. This way when you get sued the LLC gets sued, not you personally. The LLC stands to lose assets or have a BK where it shouldn't effect your personal if done right.

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Donace

can't explain it better then smaxor already has; this of the LLC as your robotic boss; reinvest in it often to keep tax levels low and business healthy.

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TakinThePlunge

If you're making decent coin, it's really worth seeing an attorney to make sure you have everything structured correctly.

Like PSU4Life said above, it can quickly be rendered useless if it's setup improperly.

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Fatbat

Get a BVI company and offshore bank accounts to hide your money. It's the only way.

awesometbn

You can deposit checks made out to your name or the LLC into the business checking account, if you used your name as an authorized signer to open the checking account. I would not mix personal money with business money. True about the pass through taxes on your personal tax return, but you should still be keeping track of business expenses and income with a spreadsheet or an accountant. Don't throw away your receipts either, if they count toward your business expenses.