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Updated about 9 years ago on . Most recent reply

User Stats

59
Posts
29
Votes
Dillon Loomis
  • Fitness Sales Director
  • Erie, PA
29
Votes |
59
Posts

Taking "Draws" From Business Accounts

Dillon Loomis
  • Fitness Sales Director
  • Erie, PA
Posted

Hey gang. 

I'm going to be a duplex/triplex, buy and hold investor. I'm not setting up an LLC right out of the gate, as I don't have any assets to protect just yet.

I'm going to own the properties in my name, and establish two business accounts at a bank separate from my personal accounts. One escrow account for security deposits and another account for ongoing transactions. 

Down the road, when I have profits, if I want to take a portion out of my business account and transfer to my personal account (take a draw)...what is the best way to do so?

I've heard once a month is best. Are there any rules/regulations? Where does "commingling" of funds come into play? What is the best way to track this?

Any guidance would be great, thanks!

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