Can my (already spent) set-up expenses from my personal bank account still be re

Accounting

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  Justine 1 year ago

  Can my (already spent) set-up expenses from my personal bank account still be re

  Hi – Having just set up an LLC, to date I only have a personal bank account. Can my (already spent) set-up expenses from my personal bank account still be recorded as business expenses at this stage? If I state that I am making $x contribution as a member, must that be the cash sum I put into a business checking account, or can it take into consideration any amount I have already invested using my personal account? Also, as I am in the UK and my business is in the US, would a Worldfirst account be recognised as a legitimate business checking account? Should I be putting in as much equity as I am comfortable with, or as little as I am comfortable with?
  Thank you in advance.

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  Crystalynn Shelton
  

  Moderator

  

  1 year ago

  Hi Justine,

  Unfortunately I am not familiar with the laws over in the UK. However, in the U.S. any expenses that you have incurred for your business should be deductible on a U.S. tax return. Since you’ve got a unique scenario, I recommend that you find a local tax expert that can take a look at your special tax situation and give you the best advice. If you are looking for someone who is located in the U.S., try these two resources:

  Bookkeeper Directory: https://fitsmallbusiness.com/reviews/bookkeepers/.

  Article:https://fitsmallbusiness.com/how-to-find-a-quickbooks-proadvisor/

  All the Best-
  Crystalynn Shelton

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