What is your recommendation when you withdraw funds from business checking account and transfer/wire the funds to a money market account.
@jose_ramirez3407 depends on your legal structure. Best way to keep it straight in my mind is to think “You are not your business, and your business is not you.”
What does that mean? If this money is coming out of the business and into your pocket, then it is a transfer > owners distribution. If you’re putting this money back into the business (the business owns the money market account), you’re then making an owners contribution. Together, this is either one or two steps.
I am not a finance professional. This information is for your entertainment only. Please consult your financial or tax professional.
-Tom