single member llc - separate business & personal?
Should a single member llc use a separate company file for business and personal finances?
70
96
b77K2yuO4r4yUOacwZ5xHE
02/08/12 12:00pm PST
Viewed by asker 02/29/12 11:10am PST
Viewed by asker 02/29/12 11:10am PST
2 Replies
wms3
Questions asked: 83
Questions answered: 4603
Points earned: 8258
Questions answered: 4603
Points earned: 8258
Allstar
Advisory council of community power users.
02/09/12 5:41am PST
That is the way I do it. I tried using Quicken for the Personal but found it easier to use QB with two separate files. Some people will find Quicken more useful if they have do stock trading, etc. I am assuming you already have separate business and personal checking accounts, CC, etc. as it essential that you separate personal and business finances AS MUCH AS POSSIBLE. However, you then have to merge the data to prepare your tax return. I haven't figured out an easy way to do that yet.
Will
Contractor and User of QB Premier 2012
Welcome to these User to User Forums
Welcome to these User to User Forums
02/12/12 8:41am PST
Latest post
The solution
@wm
why would you have to merge data for taxes?
Sole-P (single member llc) reports business income and expenses on schedule C
personal deductions are on schedule A, with personal income on the 1040 and / or schedule D (stocks)
