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Paying myself in LLC

by Michael
(Maryland)

Is there a problem with paying myself by transferring money from LLC bank account to my personal account online?

Answer

It is no different, legally, from writing yourself a check from the LLC.

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Paying myself in LLC

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Jul 06, 2009
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starstarstarstarstar 		Separate Bank Acccounts
by: Admin

My best guess as to the controlling factor regarding the "separate-ness" of accounts is what Tax Identification Number the account is opened under. (TIN being a generic term for all the various 9-digit numbers the IRS assigns to humans and entities--SSNs, EINs, etc.)

If your personal accountants are under your Social Security number, and your LLC account under a different EIN, then I think even if the bank allows you to view all the accounts under one login, they are still considered "separate" legally.

However, I've not encountered a bank where accounts under different EINs/SSNs are viewable under the same login--my personal and business accounts are at separate banks.
Jun 29, 2009
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starstarstarstarstar 		Depends on the Bank
by: Michael

Not to give a plug to bank of america, but you are allowed to transfer from any account to any account within the bank. In this case, the LLC account makes a transfer to the personal account.
Jun 25, 2009
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starstarstarstar 		good info
by: Anonymous

Thanks, that is good advice to know. However, FYI, my bank will not allow me to do online transfers between two different-entity-owner accounts (myself and my LLC). Of course I can do electronic transfers between all my personal accounts, but they view the LLC as a separate identity. This makes me wonder if the person who asked the question has their LLC accounts set up as business accounts owned by the LLC or just a different account in the same group as their "personal" accounts. If the latter, I wonder if that checking acct is "separate enough" to avoid the commingling concerns? (Also note this is about viewing them all from the same login page. I have not explored authorizing "direct deposit" type transfers.

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