Implications of taking money from one LLC to seed another

[Megan Hirlehey]

Hello BP,

I am the sole owner of a LLC I created to buy and hold properties, and I just formed a new LLC with a business partner for some deals we will be working together. My question is, what are the tax/legal implications of taking withdrawal (not a loan, this money will not be returned to my own LLC) from my LLC to use as my half of the seed money for the new LLC? I have not generated a profit yet in my own LLC, so the money that I would be taking from it is basically a portion of the seed money for that account. Would I have to pay any kind of tax on this since it isn't "income" or if I do, will it cancel out as the money is going right into another investment? Also, are there any legal implications like "Piercing the veil" by taking money from one company to fund another without making it a loan? I would like to hear thoughts/experiences with this issue, and let me know if more info is needed.

thank you!