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re: How to fund LLC checking account?
Posted on 4/24/14 at 12:53 pm to Bayou Tiger
Posted on 4/24/14 at 12:53 pm to Bayou Tiger
I think your real question is how do you account for the money you deposit to open a bank account for an LLC. Most banks require you to prove the existence of your business with a copy of your charter issued by the Secretary of State and to provide them with a taxpayer identification number in order to open an account. The bank will then provide you instructions for how to make the necessary initial deposit for the account.
The most common method of accounting for the deposit to open a bank account is to debit cash for the amount deposited and to credit members equity for the amount of cash contributed to the business.
The most common method of accounting for the deposit to open a bank account is to debit cash for the amount deposited and to credit members equity for the amount of cash contributed to the business.
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