I have an LLC with me as the Owner and sole Member. I have Business Account for the LLC with Wells Fargo.
I received $70k payment from a client in my Wells Fargo Business account. I want to move the money to my personal account in a Credit Union bank. Since I own/operate both accounts, I am thinking of making a Wells Fargo check to myself for the amount of $70k and deposit this check in my Credit Union account.
Is this legal? Will there be tax/IRS involved? I haven't done this before and I'm not sure if there is a problem with writing a large check to yourself.