Appellate Practice Attorney serving New York, NY
Commingling your llc and personal finances is very dangerous, because it can result in piercing the veil of the entity to make you personally liable for the llc's obligations. However, there is nothing improper (assuming it wouldn't be a breach of the operating agreement) for the company to pay you the going rate for your services, and you then use that compensation to pay your personal bills. More problematic, but still better than just using company checks to pay personal expenses, would be for the company to loan you the money at the going rate of interest, and for you to repay it. It would be best to obtain the consent of the other members of the LLC before having the LLC pay you a salary or loan you money.
Answered on May 16th, 2017 at 2:23 PM