Q&A: How do I transfer funds from my personal account to my LLC?
For my online store, I've formed a single-member LLC in New York.
The LLC would repay the loan to you in the same way that any other lender would, i.e. on a set schedule, with interest, and so on. This could be whatever you're comfortable with in terms of your own financial situation as an owner-member. Finally, if the LLC defaults on the loan due to a lack of capital, you (the lender) will be held liable. Make sure to document the loan in some form of contract between you and the LLC entity for tax/accounting purposes. This could be as simple as a paragraph on a piece of paper stating that "lender" agrees to loan LLC "$X with interest" for LLC's "project something," with the loan to be repaid in equal monthly installments for X years until the loan is fully repaid by LLC.
My personal savings are used to fund the startup. How do I get the money into my LLC? Will I need to hire an attorney or can I use a generic contract?
How do I "reimburse" the LLC's expenses from my personal account? Is it just a matter of keeping track of receipts and records?
I recommend that you adequately capitalize your LLC so that normal expenses can be deducted as needed from the LLC's own bank account without the need for frequent reimbursements. This is easier for an auditor to understand and avoids "piercing the veil" of your LLC. However, you are correct in that keeping meticulous records and all receipts is the best way to manage your LLC's expenses. Simply ask LLC to send you a check for the LLC's expenses.