I recently set up a sole proprietorship because I was receiving funds from my friends business, kind of like a consulting fee, however the fees will bring in between 10k and 20k per year.
So now my friend will write the check to my business so I can pay taxes, use write offs, etc.
If I transfer money from my business account, into my personal account, will I then have to claim that money as income on my personal taxes?
How can I get the money from my business to my personal account without tax liability since the taxes will allready be paid by the business?
Thanks,
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