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    xJuicebox's Avatar
    xJuicebox Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 12, 2013, 11:35 AM
    Starting a new LLC with other LLCs as owners, transferring bank accounts
    Hello,

    I'm starting a new Arizona LLC with a partner. Currently, we have bank accounts in the name of another LLC (OLDBIZ LLC), of which my partner is the sole member. The new company (NEWBIZ LLC) is owned by OLDBIZ LLC and my company, of which I am the sole member (MYBIZ LLC).

    Here's my questions, and I hope I ask them in the right place:

    How do I go about transferring the old bank account from OLDBIZ to NEWBIZ, and what are the tax implications of this?

    I know it's a general question and reveals my ignorance of the subject, but I've been through 3 CPA's already, and am apparently unteachable. I just want to know if I need to get new bank accounts for NEWBIZ and MYBIZ, or if I can use the old one, and just distribute everything through that.

    Anybody know a good CPA in Phoenix?

    Thanks
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 13, 2013, 11:44 AM
    No one will answer because tgey would have to see the LLC paperwork to give a good answer.
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