Owner's draw - Best description for the payment reference?

[questioneer]

Hi friends,

I searched the forum but nothing came up. What do you put in the reference field when doing an Owner's draw from your (disregarded) LLC to your personal account (Revolut) to make it as smooth as possible with the receiving bank?

Just "Owner's Draw" or "Owner's Draw - First Name Last Name". Some guy I know puts "Liquidity" in the reference.

Appreciate your experiences and suggestions.

Thanks!

 

[daniels27]

Those I know mostly just send the money without putting anything there. If the personal bank asks, they send them payslips that they create on the spot.

 

[questioneer]

I see, but I'm not employed / nor am I taking a "salary"

 

[daniels27]

questioneer said:
I see, but I'm not employed / nor am I taking a "salary"
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I am fully aware of that. But bank monkeys like simple answers they are familiar with.

 

[questioneer]

😀😀😀

 

[bubbledouble]

questioneer said:
Hi friends,

I searched the forum but nothing came up. What do you put in the reference field when doing an Owner's draw from your (disregarded) LLC to your personal account (Revolut) to make it as smooth as possible with the receiving bank?

Just "Owner's Draw" or "Owner's Draw - First Name Last Name". Some guy I know puts "Liquidity" in the reference.

Appreciate your experiences and suggestions.

Thanks!
Click to expand...

put the payslip number on it, personally I write salary MM YY also for reference to the tax office.

 

[Alexmorgan]

Owner personal account or Owner draw or Owner equity

 

[questioneer]

thank you! this is what i went for! Owner draw. By the way, Mercury does not allow characters like ', so you can't write Owner's Draw. Needs to be Owner Draw without apostrophe

 

[cyprusbanker]

Alexmorgan said:
Owner personal account or Owner draw or Owner equity
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does it really matters what you write there?

 

[xnpu]

questioneer said:
thank you! this is what i went for! Owner draw. By the way, Mercury does not allow characters like ', so you can't write Owner's Draw. Needs to be Owner Draw without apostrophe
Click to expand...

How did this work out for you? Was specifying Owner Draw sufficient or did you still get a request to provide proof?