Shifting from hobby to business

[Colleen Carnahan]

Hello, my husband and I are fairly novice investors who are working towards being more professionally involved. We have one investment property that we got into as a primary residence and then turned into a rental later on. We bought the property under my name, set up a bank account separate from our personal (but also under our names) to deal with rents/expenses for that property. 

Fast forward to present day, we are moving ahead with making our real-estate investing into a business, We’ve set up LLCs to deal with each investment type (one for our rentals, and one for our flips), and are working on setting up business banking accounts and credit cards, as I’ve been advised by multiple people to keep personal money separated from business money. My question is this: we have some money from our rental investment profits saved up, is it possible for me to move this money over into my business account? Or do I need to keep it separate because the house and original account are under my personal name and not the business name? Thanks for the help!