treatment of funding with personal funds

Discussion in 'Forex Trading' started by ramack, Sep 10, 2012.

  1. ramack


    I'm not quite ready to go live, but just looking ahead on how to treat the cash flow. by the end of the year, maybe sooner, Fx will be my income source. I have a single member LLC which I will be trading through. But I have personal funds which I will transfer into a business bank account, and those funds are what I'm going to use as capital.

    So, my question is:
    How do I treat the transfer? Doing the transfer is easy. I walk into my bank and it's done. As far as forms & paperwork, what do I need for a paper trail? I do have a CPA lined up, but I haven't asked him this question yet. I'm looking in the forum to see how it's commonly treated.
  2. 1245


    Single member LLC is treated like a sole prop. Just wire or write out a check to your LLC. Not a big deal. Use something like MS Money or Quicken to keep track of both your capital in your checking account and your expenses. It will be cheaper with your accountant the less time he spends looking at your stuff. You can move money in and out when ever you want. Just record it as capital in , capital out, so your accountant does not thing it is other income or expense.
  3. ramack


    Great, thanks for the response! I was thinking and expecting it would be pretty simple.