How to make a distribution from LLC correctly?

[Demjan Van Der Kach]

Hi everyone,

I live in Phoenix, Arizona and have a rental that is owned by arizona LLC. I have a good problem - quite a bit of cash is sitting in LLC's business account and I would like to get some of that cash out. I haven't done it ever and don't want to take the money out in a wrong way... wanna follow the right procedure legally et cetera... Do I have to pay myself in order to make a distribution? Should I document it in somehow? Can I just get a chunk of cash out?

Thank you

[Sean Cole]

If it's a single member LLC, there's nothing special for you to do to take the money out. You'll pay taxes on the income for the LLC. You don't pay taxes on it again when you take a distribution.