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Updated about 5 years ago,
Personal Account - transferring money to/from Business Account
Planning to close on our first investment property in the next month or 2 (If all goes well). We have a personal checking and savings right now. We will be starting a business checking and savings with a different bank.
I’m planning to have all rents go into the business account and stash a portion of the rent into the business savings for repairs and other business needs.
I was also planning to Transfer some money from my personal checking to my business checking when needed to cover repairs and other business expenses until my business accounts have built up enough buffer.
Once my business accounts have enough buffer that I am comfortable with, I was planning to transfer money to my savings account in my personal account for personal use.
Is there any issue with this when trying to separate accounts? Do you have any best practices when managing financials with a personal and business account?
TLDR: Planning to transfer money to and from personal and business account depending on where cash is needed. But will only be using those accounts for their intended purposes. IE. Business account will only be used for business transactions. Personal will only be used for personal transactions. Any issues with this?