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.