Formed LLC, but wonder how to account for inventory I've already purchased and will now sell via the company.
I've been re-selling as a hobby, and now converting to a business.
I'm in the US. No prior business structure.
What was your organizational arrangement before? Sole proprietorship? Does the LLC have money in it yet? If it does, the LLC can essentially buy them from you. You are basically buying them from yourself, but that gets them into the LLC and gets your SP money back. How much in inventory are we talking about? Alternatively, your accountant could treat the dollar value of the inventory as either a loan to the LLC or an investment in the LLC. Then you could pay out the money for the inventory as it comes in on a non-taxed basis. You would just be making yourself whole.
You really need to discuss this with your accountant though. There are a LOT of pitfalls in this area and specific ways that it has to be classified or else you will be paying taxes on the money you have spent.