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Question

LLC Startup Money Withdraw

Forum|Forum|1 year ago
February 7, 2025
1 reply
0 views

I transferred $15K to my LLC when it was created a couple years ago. Now that it is profitable, I would like to receive that money back. Am I entitled to just withdraw this money to pay myself back or what is the best way to withdraw it to avoid potential tax implications?

Are you the sole member of the LLC? Has the LLC made an election to be taxed as a corporation?

If you are the sole member and the LLC has NOT made an election to be taxed as a corporation, you "disregard" the LLC for income tax purposes and treat it as yourself. Forget that it exists for income tax purposes.

That means you gave yourself $15k and now you want to give yourself back $15k. That does not affect the tax return.