Results 1 to 3 of 3
  1. #1

    Default Loaning Money To My Business

    My question involves business law in the state of Illinois

    I am sure this isn't the most appropriate place to ask this question but I would appreciate any direction. I am going to start my own LLC and will need to have captial in order to pay for material that I will resell as cost of good sales. If I lend my company money through my personal savings account can I have my company repay that loan back?

    Thank you for lending your experience and knowledge.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    72,957

    Default Re: Loaning Money To My Business

    You can loan money to your own business. It can repay the loan, if it has the resources to do so.

  3. #3
    Join Date
    Jul 2007
    Location
    Florida
    Posts
    1,774

    Default Re: Loaning Money To My Business

    Make sure you document the loan as a legitimate loan with a written promisory note specifying an interest rate and date by which to repay, which could be on demand. Otherwise, the IRS may consider it paid in capital rather than a loan. Document everything, don't just move money in and out of the business informally.

    1. Sponsored Links
       

Similar Threads

  1. Federal Taxes: Tax Category for Money Taken Out of Business
    By Ukley in forum Tax Law
    Replies: 20
    Last Post: 03-01-2011, 01:16 PM
  2. Loaning Use of a Car
    By LegalListener in forum Cars and Dealerships
    Replies: 2
    Last Post: 06-04-2010, 04:05 PM
  3. Eminent Domain: DOT And Business Relocation Money
    By harpolives in forum Land Use Regulation
    Replies: 2
    Last Post: 04-14-2008, 06:07 PM
  4. Business Disputes: Recovering Money Taken From A Business
    By hsiehd888 in forum Business Law
    Replies: 3
    Last Post: 05-18-2007, 07:05 PM
  5. Property Division: Loaning money from Separate Property Account
    By freeatlast in forum Divorce, Annulment and Separation
    Replies: 1
    Last Post: 03-13-2007, 01:43 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 
Forum Sponsor
Find A Lawyer - Free, confidential referrals.
Legal Forms - Buy easy-to-use legal forms.




Untitled Document