Worse than tax implications, an attorney presented at a conference I attended and pointed out that in some states, allowing transfers between an entity and a personal account “breaks the deal of protection†that the organized business is supposed to provide the owner. In other words, the LLC’s creditors could claim that the owner should not be entitled to have personal assets protected from legal action since they transferred the LLC assets to a personal accounts.
To echo Randy, not only am I not sure why the bank would permit it, I’m not sure that the business owner would want it.
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Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!
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