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Recent Business Loan questions

I want to open up a restaurant that's already operating. I

I want to open up a restaurant that's already operating. I want to go for a $25,000 dollar personal loan to put towards a down payment for the already operating restaurant that will roughly be $300,000. I will be putting money down to receive the original $25,000. The original $25,000 should that be a personal or business loan because what will my second loan be classified as?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,422 satisfied customers
Seeking advice on tax planning and structuring for small

Seeking advice on tax planning and structuring for small business. Majority of income is from 1099 and seeking ways to get the most out of deductions or changes that can be made to minimize tax burden for 2016.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
I have a Single Member LLC. I use the accounting Software

Hello, I have a Single Member LLC. I use the accounting Software Xero.com. I am trying to figure out my year end entries to retained earnings / owners equity. I have 4 accounts under Equity on my balance sheet: Current Year Earnings, Owners Contribution, Owners Draw & Retained Earnings. The problem I am having is that I ended up drawing more from the business than my net profits. How would that look as year end entries?

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
I have a question regarding personal vs business loan, If a

I have a question regarding personal vs business loanJA: The accountant will know how to help. Please tell me more, so we can help you best.Customer: If a person takes out a loan to start a business, is that considered a personal loan or a business loan?JA: Is there anything else the accountant should be aware of?Customer: I'm not sure.

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
I want to make a $20,000 business loan to the company of a

I want to make a $20,000 business loan to the company of a friend in the UK within the next week or two. How do I go about doing this so thata) the loan looks legitimate per IRS (i.e. not a gift or whatever)b) I can write it off if I fail to get back the principalc) the actual money transfer does not look suspicious and money-laundering-like (this question may be outside the domain of accounting - not sure)

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

4,116 satisfied customers
We have a office rental business in NY. Due to pending

We have a office rental business in NY. Due to pending litigation against us there is a temporary restraing order (TRO) in effect for over 5 years that prevents us from taking any income except to pay the mortgage on the property. Since our property rightsare being violated and we have no access to our income are we required to pay income tax on money we were prevented from using? Also a company we loaned money to went bankrupt and was given a dischrage so the money owed us can never be recovered, is this aloss we can claim as a deduction?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
I just migrated over to an S-corp. My Sole Proprietorship

I just migrated over to an S-corp. My Sole Proprietorship (SP) has a business loan. Can the SP invoice the S-corp to make the payments and to pay down the loan?

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PDtax

Owner

Master's Degree

7,370 satisfied customers
I work business that is completely women run and owned. Just

I work for a business that is completely women run and owned. Just wondering if there are special places to find grants or loans for these types of businesses.

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JACUSTOMER-b0lr4fay-

Senior Tax Attorney

Master's Degree

924 satisfied customers
I'm currently trying to start an LLC in order to produce

I'm currently trying to start an LLC in order to produce films, but i'm currently unemployed. My personal credit isn't too good and I haven't officially began bringing in revenue, since I'm not even incorporated yet. My grandmother is stating that she's willing to sign over a portion of her undeveloped land to me in order to use as collateral. My main question is will that be enough in order to open up a line of credit for equipment in order to begin making revenue?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,422 satisfied customers
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