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April 3, 2020
Question

How do i pay off multiple small loans from myself to my business? They are in three different currencies.

  • April 3, 2020
  • 1 reply
  • 0 views
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1 reply

john-pero
Level 12
April 3, 2020

If you are not a Subchapter S corporation or electing that tax status (and this placing yourself on payroll as required) then you cannot "loan" yourself money. Yours is most likely a pass-through entity and any money you put into the business is merely equity contribution. You are free to withdraw any of your own money at any time and that is equity draw. So either leave the money in if the business needs it or take it out as your draw against your year end pass through profit