I buy and sell merchandise online and buyers make their checks out to me, personally.
Because I sell every single day of the year, I receive these checks every single day of the year.
Today, I formed an LLC (effective formation date = today!).
Of course, I notified all my buyers to begin making their checks out to my LLC name. However, before I became an LLC today, my buyers wrote their checks out to me personally, and those checks are in the mail as we speak.
What am I supposed to do with all those checks which are made out to me personally, that will be arriving here in the mail over the next couple weeks?
I know there is probably some special procedure to follow so that my "Veil" is not Pierced -- I'm sure I cannot simply deposit them into my LLC Bank Account, because that would be toooo easy! haha. So, legally, what is the best thing to do with those checks? If I were to take a totally uneducated guess, I think I should make a note in my LLC Master Operating Agreement that I'm funding my LLC with those exact checks! And then as they arrive, save them all up in a box, and then in one big lump sum (probably around 4 thousand dollars), dump them into my LLC bank account and then write that "action" down in my "Official LLC Minutes Planner."
What do you all think?
Because I sell every single day of the year, I receive these checks every single day of the year.
Today, I formed an LLC (effective formation date = today!).
Of course, I notified all my buyers to begin making their checks out to my LLC name. However, before I became an LLC today, my buyers wrote their checks out to me personally, and those checks are in the mail as we speak.
What am I supposed to do with all those checks which are made out to me personally, that will be arriving here in the mail over the next couple weeks?
I know there is probably some special procedure to follow so that my "Veil" is not Pierced -- I'm sure I cannot simply deposit them into my LLC Bank Account, because that would be toooo easy! haha. So, legally, what is the best thing to do with those checks? If I were to take a totally uneducated guess, I think I should make a note in my LLC Master Operating Agreement that I'm funding my LLC with those exact checks! And then as they arrive, save them all up in a box, and then in one big lump sum (probably around 4 thousand dollars), dump them into my LLC bank account and then write that "action" down in my "Official LLC Minutes Planner."
What do you all think?
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