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Small Business Ideas Forum

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Old 9th March 2014, 10:41 PM   #1

Join Date: Feb 2014
Posts: 2
Default Investing Own Money And Other Accounting Questions

Hi, my LLC has been successfully registered on Fri, still waiting on all the paperwork though. It is a small online retail store. Mostly used maternity clothes and some baby items (cloth diapers and so on). I am not taking out any loans but will invest my own money. After I open a business account, I want to deposit $$ from my personal bank account. How would you suggest I do it? Check, transfer, cash? And how can I repay myself? I will consult with an accountant soon but I want to get an idea of what are my options.

Also, I already purchased some merchandise and was wondering how to deal with that. I have to buy more stuff before I will get my business account set up (getting EIN hopefully tomorrow, account sometimes this week, paypal next). I have a big event coming up in 10 days where I want to sell so I need to have few things purchased before hand. It takes at least 5-7 days to get the shipment so once again, I will be using my personal CC to purchase. How can I transfer it to my business? Will I have to "buy" it from myself or can I just consider it a nonmonetary investment and pay myself back somehow? Very confused on what to do.

But just to put it in perspective, I am talking about less than $400 in merchandise, not some crazy amount of money. This event is an incredible place to advertise my new business and it only happens twice a year so I absolutely have to be there.

I have many more accounting questions I hope I can get some answers for. I am very thankful for all your replies.

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Old 9th May 2014, 06:32 AM   #2

Join Date: May 2014
Posts: 1

It is very good that you are invest your money in the business to earn profit.

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Old 15th June 2014, 12:39 AM   #3

Join Date: Jun 2014
Location: Washington, PA
Posts: 3

Pretty sure you can make a loan to your business money, and then your business can pay you back later without you claiming it as income. This will save you from paying taxes on the money when it comes back to you.

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