Hi,
I have an LLC that is owned only by me (lets call it company A). I'm in the process of starting a 50% partnership LLC with someone (Company B). My 50% share is owned by Company A. I'm just now in the process of starting Quickbooks for both companies.
A few questions on this company structure:
1) Do I need to open two separate Quickbook accounts for these two companies?
2) I formed company A already and have been using the bank account of that company to pay for some of the startup costs of Company B. I will need to reimburse these expenses once our bank account is formed etc for Company B. Example: I paid for legal fees for company B with my Company A bank account. Do I classify the expense under Company A as legal fees, or as something else, as I will be reimbursing Company A?
Thanks!