Legal Question in Business Law in Arkansas

loan to my s-corporation

A partner(VP) and I(Pres.) formed an s-corp at the first of the year. I secured a loan from a relative and used a loan agreement, but I didn't make an agreement to my company when I deposited the money into the company acct.($10,000) Can I make a loan agreement after the fact? The kicker is that we are discussing a buy/sell option and I'm not sure if I can get my partner to sign this now.....or since there is a paper trail is it needed? This was the only start-up money used. Thank you ..

Asked on 4/03/08, 8:10 pm

1 Answer from Attorneys

Brandon Moffitt Moffitt & Phillips, PLLC

Re: loan to my s-corporation

You should be able to make an agreement as to the loan. Your partner should acknowledge the debt and make it a corporate expense to repay it.

When dealing with corporate issues, you should always seek the services of a qualified attorney to document everything and file the appropriate paperwork.

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Answered on 4/09/08, 11:42 am

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