2 LLCs, transfer money to the other for business expense - how to record for tax purposes?
I have 2 LLCs, I transferred money from one LLC to the other LLC to pay for freelancer services (business expense); how do I record this in terms of tax purposes?
I know for the receiving LLC using this money; I can record it as a "freelancer expense", but do I need to record this transfer on my original paying LLC where the money came from?
I don't know what I need to show on the "P&L Statement (Income Statement)" of the original LLC? As a transfer expense?