Question

how do I categorize a personal loan to my business

Forum|Forum|1 year ago
August 5, 2024
1 reply
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I have made a few deposits from my personal account to supplement the business. How do I categorize these deposits in QB online?

M

Mike9241

what type of business - sole proprietorship. single member LLC, multi-member LLC taxed as a partnership, an entity taxed as a corporation?

L

LynnoeAuthor

single member LLC

VolvoGirl

Employee

Did your SMLLC elect to be a S corp? If not then it is a disregarded entity and you file it on schedule C in your personal tax return. The "loan" doesn't go on your tax return. It is just a transfer from a personal account to your business account. It's just moving funds from one pant's pocket to the other pocket. It's all personally yours. You just enter and account for the actual expenses you spent it on.