Questions

How do I initially fund a c-corp bank account with personal funds?

I'm seeking an tax specialist or accountant to advise on a proper chart of accounts in Xero and general accounting for a new startup.

2answers

You can fund your new Corporation bank account by depositing personal funds into that Corporation account for initial capital for the business. That investment can be classified as a loan to the Corporation or may be for issued stock shares of the Corporation (a needed conversation).
I can help you set up ta chart of accounts, based on your specific business, which can be used by any accounting system but I mostly work with QuickBooks Online. (Message me for a referral to a Xero bookkeeper if Xero is imperative.) Best wishes!


Answered 5 months ago

It’s usually way easier to deposit funds than to withdraw them. I would simply write a check to the company name and deposit it into the corporate bank account with a detailed note in the memo section referencing the purpose. I would then put out a job proposal on Upwork for a CPA who can help with the chart of accounts. You can also check with outsourced CFO Firms like NowCFO and Hardesty. Best of luck in your new venture!


Answered 5 months ago

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