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Updated about 4 years ago,
Money to and from an LLC (Shor-term rental investment)
Hi all! Pardon my ignorance. Just getting started with forming my business structure...
Background: I have an multi-member LLC (two members: me and my WY holding company) that will soon hold title of a condo that be a short-term rental ("STR") in the coming weeks. In the future, other LLCs with properties will roll up into the WY holding company.
1) In the LLC's OA, there's a line for "Capital Contribution" - which I gather is money that I, personally, put in start-up costs. Now, how does one deposit this money when I open a business bank account, w/o it being considered co-mingling of funds (aside from depositing literal cash)?
2) Assuming a business credit card in this LLC's name, should everything purchased on this credit card ONLY be paid via the LLC's bank account, and never my personal bank account?
If I did that, is that considered "co-mingling" of funds?
3) Should I open a bank account for the holding company?
3a) If so, why and how is it used with the LLC that holds the property?
Thanks in advance!