01-21-2004, 11:33 AM
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 Re: loan myself money "Mike" <mike[at]nospam.net> wrote - quote - > I have a Self employed LLC and I loaned the company $1000.
A single member LLC is taxed as a sole-proprietor (unless> Do I claim it as profit? you elected to be treated as a corporation). Money you contribute to the LLC is a capital contribution, and not income to the LLC. Neither is the repayment of that contribution an expense of the LLC. - quote - > Can I repay myself without claiming it?
Yes.-- Snowmen fall from heaven unassembled. ------------- Paul A. Thomas, CPA taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
01-20-2004, 07:47 AM
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| loan myself money I have a Self employed LLC and I loaned the company $1000. Do I claim it as profit? Can I repay myself without claiming it? Thanks Mike << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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