Just had a second attorney consult and an issue can up regarding my LLC.
Background....recently created LLC (say past 3 wks) with two managers. I am expecting a check for over $3,000 to be paid and that I will deposit.
Attorney #1 said, when you get it...withdraw the money 50/50 between you and other manager. Then use your 50% proceeds for everyday expenses, utilities, mortgage, etc.
Attorney #2 said, go to an accountant and have them set up a payroll...Decide how much you want to get paid for both managers on a weekly basis. Since you haven't received any revenue...your weekly payroll will accrue. Once the money hits, then withdraw. And then you can deposit that money in your personal checking as wages earned.
Anyone else had a LLC with cash that you took out prior to filing for Ch. 7? What was your experience with attorney and trustee?
thanks in advance
Background....recently created LLC (say past 3 wks) with two managers. I am expecting a check for over $3,000 to be paid and that I will deposit.
Attorney #1 said, when you get it...withdraw the money 50/50 between you and other manager. Then use your 50% proceeds for everyday expenses, utilities, mortgage, etc.
Attorney #2 said, go to an accountant and have them set up a payroll...Decide how much you want to get paid for both managers on a weekly basis. Since you haven't received any revenue...your weekly payroll will accrue. Once the money hits, then withdraw. And then you can deposit that money in your personal checking as wages earned.
Anyone else had a LLC with cash that you took out prior to filing for Ch. 7? What was your experience with attorney and trustee?
thanks in advance