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I have checks for my LLC but can I also use electronic transfers? My business account is "linked" to my ING personal account and doing a wire transfer would be less of a hassle.

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Doesn't matter at all. Just make sure its written down correctly in your books and accounted for.

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What's the difference between "Guaranteed Payment" and "Owners Draw?" – luckytaxi Jul 25 '12 at 18:27
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In partnerships there's a specific treatment of guaranteed payments (its basically the partners' salary). For this particular question it doesn't matter, the answer would be the same for "owners draw" or "distribution" or anything of that kind, really. – littleadv Jul 25 '12 at 18:39

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