What is it considered when I transfer money from my business account to my personal account?


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My recent start up business has been very profitable right away and also full of drama. Long story short, I run a S Corp LLC and have transferred over 15k into my personal account over the last year. My typical salary is about $3200 a month but since I use an online business bank that doesn't issue checks I just transfer money from business account to personal account if I need more money personally. What is it considered when I transfer money from my business account to my personal account. Can I reconcile this type of transfer as an "owners draw?"

Legal Tax

asked Dec 28 '18 at 00:33
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Anthony Bauwens
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Legal Tax