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Updated about 9 years ago on . Most recent reply
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Taking "Draws" From Business Accounts
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!