Accounting Practices for LLCs: What Every Real Estate Investor Should Know

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"What new (and sometimes experienced) investors don’t realize is that there are specific sets of journal entries that must be recorded when you move an asset into an LLC or purchase an asset via your LLC. There are also journal entries that deal with moving cash in and out of your LLC that are critical to maintain that entity’s status.

If you do not have the discipline to learn these accounting entries (or hire it out), then please do not waste the time and money in setting an LLC up. Without the proper accounting, your LLC is nothing more than an extension of your personal finances, which is always in reach of litigation"

https://www.biggerpockets.com/blog/2015-10-18-accounting-for-llcs-101

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  • 3 months ago by vince