Pesonal Credit for business expenses?

General Real Estate Investing
1

I know that using personal credit for business expenses is not the wisest thing to do but considering that it has already been done what is the right way to pay business expenses from personal credit? A little info on this is I Paid cashfor a property and deeded
the property in my LLC. All rehab costs where either done through existinging credit lines or new personal credit lines incurred for the sole purpous of rehabing this property. If I refi and get money I will probably have to do a quit claim to me personally to refi and then quit claim it back in the LLC (I’m guessing). The point is how to pay off my personal creditors through LLC fund?

Any info on this subject would be great and I have learned to do business different in the future thanks to some of the great people who post wonderfull information on this site.

Thanks again

Phil

2

gather up all receipts for purchases paid for personally. type up an expense report and submit it to the company for reimbursement. When the LLC has cash, have the LLC write you a check.

You can choose to pay off the credit cards or whatever with the cash you receive. do not write a check from the LLC to Citibank; companies do not pay personal bills of owners.

you should be able to refi inside the LLC with a personal guarantee.

3

Thanks for the info. I do have a small problem wth a few receipts that I have lost the file to. Is there anything I can do with those expenses other than just eat them?