I deposited personal funds to a business bank account for start up capital. Can I take that money out of the business now and if so, how do I account for that transaction?

ANSWER

The BIDaWIZ Team's Answer:

Yes: you may withdraw your equity. You will debit the "equity" account,

and you will credit the "cash" account. The transaction is tax exempt.

The BIDaWIZ Team

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I deposited personal funds to a business bank account for start up capital. Can I take that money out of the business now and if so, how do I account for that transaction?

The BIDaWIZ Team

Accounting

Business Tax

Personal Tax

Business Finance

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