Hello,
I started a business in 2017 that has been established as an S Corp. I recently took out a loan in my name, but the purpose of the loan was to fund my business. Now that I have received the loan proceeds in my personal account, I plan to use the entirety of the loan proceeds to fund my S Corp What is the best way to account for the funds that I will be loaning to my business? Additionally, I will need to use my S corp business to repay myself when loan payments are due.
What is the most efficient way to account for a personal loan used to fund a business account?