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03 - Accounting & Taxes Accounting Help & Tax Strategies

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Old 07-10-2007, 05:54 PM
Brad123 Brad123 is offline
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Join Date: Jul 2007
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Default Going To LLC From DBA

Started a business six months ago and ran it as sole proprietorship (DBA); now I've converted it to LLC.

I started the proprietorship/DBA with 6k capital from my own money. Also the proprietorship/DBA has a Sams Club Biz Discover as well.

I've opened a bank account for the LLC, now I need to close out the first account and segway to only using the LLC account.

In terms of closing out the first account, If I pay myself the 6k i invested, I wont be able to pay sams's club business discover; If I pay the sams club biz discover, I wont be able to pay myself back the 6k. I was thinking about paying myself the 6k and transferring the sams club biz discover to LLC. Can I do that (since I'm backing the card either way) or will I need to open new card with LLC and do balance transfer?

Hope this makes sense and help appreciated.

edit:
Also for accoutning purposes, will I need to do two schedule C's for this business or just one?
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