Business Structure and expenses

[Jason R.]

I currently have one property rented out, I own and manage it under one LLC (I am the only partner). My question relates how to properly pay for and deduct business expenses across multiple entities. Especially if the expense is a piece of equipment that is used for your business as a whole and not just one property.

If I am wanting to buy equipment for the business, say a computer or software or a lawnmower, that is not directly related to a particular property - Is it ok to pay for it with my personal account and write it off and not pierce the veil?

What if I buy a second property in another LLC, how would I expense it then? Would I need to pay for it partially out of each LLC's account?

What if I buy a second property under my own name and rent it out? 

Do you all create LLC's as a holding company to make these types of purchases from?

Thanks all!

[Jason R.]

Originally posted by @Forrest Faulconer:

I have a question to this, do you have an LLC bank account set up yet? If you do not, then set one up, I recommend having a CPA do this, make sure you have written in your op agreement that you will funding the LLC with an initial amount to get it going. Then pay for the business expenses with your LLC bank account. Or you can purchase them with personal account and sell them to your LLC with LLC funds, make sure you have receipts.

Yes thanks! I do have an LLC account and use it to pay my expenses. How do I move forward once I have multiple llc accounts or an LLC and a property in my own name? 

I do plan on consulting a CPA but am curious in the meantime.