Using my money from the LLC as personal money
Hello !
If I want to spend the money that I've made on my LLC through my LLC bank account for : groceries, clothes, electronics, buying personal things, etc. in my home country, Is it ok to do that or do I also need to make a separate personal account in the US?
Thank you!
2
3 comments
• Jul '24
Hey Daniel! Yes you can, just keep records of the transactions for compliance.
0
• Jul '24
thank you so much!
And for the compliance, when do I need to report all the transactions ? every month or every quarter? I think I need an accountant or James could help me
0
• Jul '24
No, actually it's better if you spend with the bank accounts (or revolut) personal, and without the LLC actually. Because if the Bank where you have the account of the LLC see those expenses, they could freeze your account until they've done some checks on you or you reported proofs. Especially US only banks that you can open only in USA or it's not easy to open off-shore, like Chase. Better to only spend for ads and business stuff, and spend as little as possible in the LLC.
If someone can prove me wrong I am open to it. That's experience from some friends, open to a controversial take.
0
User
Your comment
Alex Mandova
1
Using my money from the LLC as personal money
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