My U.S. preparer calls them owner draws, but my Canadian adviser wants a different label. Should I worry?
I am a Canadian resident and my single-member U.S. LLC paid back some founder funding and also sent me a few owner withdrawals during the year. My U.S. preparer is comfortable calling them owner draws or reimbursements depending on the item, but my Canadian adviser wants a more precise schedule and seems uncomfortable with the casual language.
I want to know whether this is just normal cross-border caution or a sign that my books are too loose for a Canada-U.S. LLC structure.
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