Single Member LLC, making distributions of capital gain
by bryand23, Window Shopper
- Created: March 6, 2012, 2:30 pm
I own a single member LLC in Texas- I have two W-2 Employees (Me and my wife).
We have elected to be taxed as an S-Corp.
In order to make distributions to myself from my commercial account, what kind of paper trail do I need? My business and personal accounts are linked- can I simply transfer the funds over, keep records of the distributions, and report them at the end of the year?
Or do I need to file quarterly forms with the IRS keeping records of these distributions?
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