I have a C-Corp, and for now I am the only owner. The company was funded with SAFE, meaning the investors will have preferred shares once i do my second round of fundraising.
Before receiving the investors fund, I have used a personal loan and my personal CC to fund the business. I created a liability account, and in 2019, Instead of taking a salary, I have took back the money that I lend the company .
Meanwhile I have been working for free, if I had paid me a salary , I would have been able to apply for the PPP loan, in my case I was not being able to do so, cause i did not receive any salary.
It's true it's my own company for now, but the investors will still get some shares, at some point.
As of now, the company does not have any fund to pay me a salary.
What's the best way to handle this situation?
1. Can I create an account for amount due for unpaid salary? if so, how?
2. Shall I add the unpaid salary as equity in the company, even though I prefer to take it in cash once the funds will be available.
3. I was paying interest on the personal loan and credit cards, can I have them paid by the company?
