Hello! I just recently formed an LLC. As in, last week. I haven't even made a single dime yet, but I want to be sure I handle the books correctly. To form the LLC, I paid about $500 in fees (state filing fees, legal fees, etc). I paid this out of my own pocket because my business didn't have a bank account at the time. Banks require the LLC to be legally organized before opening an account.
How do I account for this $500 on the books? I wouldn't think it would be considered a cash contribution. Is it considered a capital contribution worth $500? Or should it be considered an expense?
Thank you for your help!
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