Help with new LLC Please

[New LLC Dummy]

My wife and I started a new animal breeding business. We have a few questions if some of you wouldnt mind helping. We are located in Florida.

Can I purchase supplies/food and such with our personal account and still claim it as an expense?

When someone pays cia Credit Card or Paypal, Does our income amount need to reflect the amount the customer paid or the amount that was deposited into our account (After the credit card fee etc)

 

[Samir]

You can purchase supplies with your personal account, but the accounting would need to reflect that you injected capital and that capital was used for a business expense. If you reimburse yourself, that would be a capital draw.

Your sales amount is the amount that the item is sold for, not what you received. The merchant fee is actually an expense and needs to be accounted for accordingly.