Level 15

Reports and accounting

It really depends on the relationship between you and each entity, and the details of each entity.

For instance, there is no Owner in a corporation; you would be a Shareholder, and might not be the only shareholder. Corporations are their own people; the Supreme Court told us so. This is loan From Shareholder, a Liability, when you put you own funds into the corporation's bank account.

For the LLC, if there are partners, members, or it is elected to be treated as a Corporation, it is the same concept for money In.

For both situations, money Out is repayment of that loan.

For the LLC with no partners, just you, and treated as a disregarded entity, money Out is a Draw from Equity. Money In is a return of Equity, or a deposit back into Draw, or tracked as Investment Equity.

For money from the corporation to the LLC, it might be Other Asset, as Loaned; but, it might be Your Distribution, instead. However, I don't know if your CPA is aware of these activities and has counseled you on what you should or should not be doing, here. You don't remove value from a corporation "as needed."

You should likely run all of this past your own CPA.

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