I set up a new LLC in a new state; how do I update my accounting and book keeping?
An Amazon seller registered an LLC in Louisiana, then moved to Arizona and formed a new LLC while dissolving the old one. As the sole member, he faces questions about how to handle the books, inventory (approximately $6,000), and personal advances (approximately $5,000) between the old and new entities. Based on available information, this article outlines common practices and considerations for accounting transition.
I had an LLC registered in Louisiana selling stuff on Amazon.
I moved from LA to Arizona and I set up a new LLC and I dissolved the old one.
My question is, how does that work in bookkeeping and accounting?
I am the only member of the LLC.
- Do I make a new Quicken account and start from scratch for new business?
- How do I transfer all the stuff to the new LLC.?
I have maybe $6K of inventory at Amazon, but I haven’t started making any money yet and I used about $5K of my own money during the last 6 months. Do I move all the info to new company? This includes things like: owner investment, inventory, COGS.