help w/ LLC

General Real Estate Investing
1

I’ll be submitting the paperwork to form my LLC tomorrow. Since it will be newly formed can I deduct all the expenses I’ve incurred up until now before it was formed? (Mileage, education, marketing) I haven’t made any money yet just been spending.

Also… I am going to open a separate checking acct for my LLC. Is the money I transfer from my personal acct considered a loan that needs to be paid back? With interest? Should I go ahead and talk to a CPA or wait till that first deal goes through?

2

first, fund the LLC with whatever is specified in your operating agreement. This is a required capital contribution.

Loan the LLC additional cash. If something bad happens, you’re a creditor and can be repaid. Additional capital contributions cannot be returned. Execute a promissory note, pay interest, the whole deal. It needs to be a legitimate, business, arms-length transaction.

Submit an expense report to be reimbursed for business expenses.