Best Way to Pay Myself from My LLC

[Sarah Selle]

Hi all!

I have one mid-term rental (mainly travel nurses) set up in an LLC. It's been running a few months and starting to make some money, so I'm trying to determine the best way to...

1) Pay my mortgage and home expenses.

2) Pay myself.

My home was purchased through the kindness of my parents; they allowed me to use their HELOC. I have been paying out of personal funds. I want to be sure I'm not "piercing the veil," and I want to avoid paying more taxes than necessary.

Any help would be appreciated! I reached out to several contacts in the area, and they only work with larger companies. :( Just need some advice to head in the right direction.

Thank you!

[Kerry Baird]

My AirBnb and VRBO funds come into my LLC's bank accounts. Expenses for the business run through that bank. I do online ACH payments for my mortgages, and I write myself a check for my work.

If I need to add money to my business account, I make sure to title it "owner contribution" and when I need to take extra out it is "owner distribution."  And if I don't have enough business credit for a purchase and have to use my personal, I make an annotation. 

Also, my Operating Agreement says I can do whatever necessary with regards to financing, to include making loans, getting credit and so forth.  I do have business credit cards, and am aiming to apply for more on the business side, especially when they don't show up on my personal credit report.