My question involves business law in the state of New York.
I have an LLC, single member, which I recently opened here in New York less than a month ago. I deposited some money into a Business checking I opened for the LLC to start an on the side online business. But I needed the money for an unforseen medical expense and had to withdraw some of it. I did the withdrawal using the business checking atm card. My questions are how does this affect me with the IRS if in any way? The business has had no operations yet so it isn’t income. How does this look in terms of liability and also how far down the line does something like this affect the business if it ever got sued in the future? Could a single instance like this come up in a potential future case where liability is in question? Even 5 or 10 years later for instance?
I have an LLC, single member, which I recently opened here in New York less than a month ago. I deposited some money into a Business checking I opened for the LLC to start an on the side online business. But I needed the money for an unforseen medical expense and had to withdraw some of it. I did the withdrawal using the business checking atm card. My questions are how does this affect me with the IRS if in any way? The business has had no operations yet so it isn’t income. How does this look in terms of liability and also how far down the line does something like this affect the business if it ever got sued in the future? Could a single instance like this come up in a potential future case where liability is in question? Even 5 or 10 years later for instance?
LLC Liability
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