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Level 1

I have just started my corporation and will need to start paying back family members that loaded me start up money. How do I do that? How do I track that?

 
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Community Champion

I have just started my corporation and will need to start paying back family members that loaded me start up money. How do I do that? How do I track that?

Every dollar of outside money needs to be shown as entering the company bank accounts as loans. The IRS requires imputed interest even if the use of money was free. If you do not pay at or above said rates your corporation will have to claim income on difference.

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