If I want to take money from my business account as personal expenses what are the options here that I should consider?
Hey I have a quick question I have a non resident LLC disregarded entity and I provide services from outside the US I have a business bank account on wise and mercury I wanted to ask If I want to take money from my business account as personal expenses what are the options here that I should consider? how can I create a personal bank account and pay myself from the business bank account?
3
1 comment
• Jul '24
When I need to do that, I record the transaction as a distribution and report it on the 5472. It's allowed, just not recommended. But since opening a personal bank account is very hard, sometimes there's no other way.
Or maybe you can try Wise, Payoneer or other services like that.
2
User
Your comment
Ahmed Shugaa
3
If I want to take money from my business account as personal expenses what are the options here that I should consider?
Global Business Growth Club
skool.com/global-business-growth-club-7119
The Global Business Growth Club was created to be a space for entrepreneurs from all over the world, to collaborate and grow their businesses.
Leaderboard (30-day)
powered by