Am I right that income has to be coded as "Inflow: to be budgeted" and the only way to have it organized and categorized is to be meticulous about what you put in the Payee field?

Yes, technically we could ask our investors to keep meticulous logs of their expenses, net proceeds and duration of exposure to risk so that we could calculate their AROI, but why bother?

@Kadia Lawrence another thought is if you don't have a meticulous log-book and you mix personal with business driving the IR will assume you drive 12k miles a year for personal. 

It's a pivotal decision that merits meticulous evaluation and they should be written out.

Just letting you know that I was reading your answer very meticulously and I appreciate your time and experience u put into it!

The more I'm looking into this and learning about the horror stories, the more I realize how  important it is to get everything meticulously written out from the get-go.

I keep my debts and debits meticulously recorded on paper ledger.

I then tailored it where necessary.Now as a very important caveat, I new all the partners intimately, understood exactly what I wanted, and researched with meticulous care and consideration the governing law (both tax and non tax).

So that I know I understand you completely, having my name on it just makes signing papers more meticulous as I have to be careful not to sign as just myself but as a member of my LLC.

Meticulously prepared.