How to Transfer Funds from Personal to Business Account
- Log into your personal account. Select transfer funds.
- Enter the amount to transfer. Select the accounts to transfer from and to.
- Review and submit the transfer. The funds will now be available in your business account.
Can I Put Personal Money into My LLC?
Yes, as an owner of an LLC, you can put personal money into the company. One benefit of an LLC is separating business and personal finances. You can fund your LLC with personal savings, retirement accounts, loans, credit cards, or home equity. Your contribution to the LLC as a member is your capital contribution to ownership.
Once decided, you can label funds as either equity or a loan when depositing into your business account. Many list it as equity. LLCs are pass-through entities, so business results are reported on personal tax returns.
If using cash, write a check from personal funds to the LLC. Contributions can also be property or services. Personal loans used for the business still require personal repayment regardless of business performance.
Best Practices for Business and Personal Finances
It’s best to keep business and personal expenses separate. Doing otherwise risks personal assets if something goes wrong. Maintaining separate accounts makes better tax and financial sense despite limitations on personal funds.