I own a side company creating web apps. I formed an LLC, registered an EIN and opened a business checking account. Recently, I sold a copy of my software for let's say $10,000. Now, since everything gets passed through to me personally, how do I go about "using" these funds for personal things like buying a home or buying a new TV?
I figure, from the IRS standpoint, they just want me to show profit/loss. As long as I keep track of this, they don't care what i do with my revenue, correct? I guess the question is, how do I show (do i?) that my business account has $10,000 but I transferred over $3,000 into my personal account in order to spend it?