I had a new self directed Roth LLC check book account set up with IRA Services Trust Co. as the custodian. It was set up with the trust co. as a member and me as the manager. One of the powers of the manager is to; 1. Borrow money from any Person for any Company purpose on whatever terms and conditions the Manager deems advisable, to obligate the Company to repay the borrowed money, and in connection therewith to encumber or hypothecate Company property as security for such repayment by mortgage, deed of trust, pledge or otherwise;
OK my question: I have a fair amount of business credit (through a Sole Proprietorship entity not in my name, but owned by me) that I would like to deposit to a third person's account.(no relation) Then ‘as the manager' borrow that money from the third person account for the Roth LLC for investing in a managed trading account. Is this doable or is there a safe way to do this process?
I'm not asking you to help me to set up a shell business entity to violate federal tax law. I'm asking what's doable or what's not!