I'm a one man LLC. As I understand it, any money I make from my web development company I can immediately take out and use it for personal reasons.
My LLC doesnt carry any debt, and the only expenses I really have is hosting, and a few advertising expenses.
As of now people write a check to my LLC, I deposit it, then go to my online banking site and transfer it over to my personal savings account (my personal and bus accounts are at same bank - very convienent). No need to keep it in my business savings.
So I really don't hold much money at all in my business accounts. In fact when I pay off hosting expenses with my Business Credit Card - I usually just use funds from my personal checking account to pay that off. Is this wrong? I don't see anything wrong with it.
At the end of the year I just tally up all the checks I received and all the expenses I incurred and report them on my personal tax return like a LLC disregarded entity should.
Anyone else handle their money similarly? The way I see it is, as long as I report all the money I made from my LLC and all the legitimate business expenses to the IRS, it probably doesn't matter how the flow of money happens on the backend?