Owner's draw - Best description for the payment reference?

[questioneer]

Hi friends,

I searched the forum but nothing came up. What do you put in the reference field when doing an Owner's draw from your (disregarded) LLC to your personal account (Revolut) to make it as smooth as possible with the receiving bank?

Just "Owner's Draw" or "Owner's Draw - First Name Last Name". Some guy I know puts "Liquidity" in the reference.

Appreciate your experiences and suggestions.

Thanks!

 

[daniels27]

Those I know mostly just send the money without putting anything there. If the personal bank asks, they send them payslips that they create on the spot.

 

[questioneer]

I see, but I'm not employed / nor am I taking a "salary"

 

[daniels27]

I see, but I'm not employed / nor am I taking a "salary"

I am fully aware of that. But bank monkeys like simple answers they are familiar with.

 

[questioneer]

 

[bubbledouble]

Hi friends,

I searched the forum but nothing came up. What do you put in the reference field when doing an Owner's draw from your (disregarded) LLC to your personal account (Revolut) to make it as smooth as possible with the receiving bank?

Just "Owner's Draw" or "Owner's Draw - First Name Last Name". Some guy I know puts "Liquidity" in the reference.

Appreciate your experiences and suggestions.

Thanks!

put the payslip number on it, personally I write salary MM YY also for reference to the tax office.

 

[Alexmorgan]

Owner personal account or Owner draw or Owner equity

 

[questioneer]

thank you! this is what i went for! Owner draw. By the way, Mercury does not allow characters like ', so you can't write Owner's Draw. Needs to be Owner Draw without apostrophe