12-06-2023, 02:16 PM
(12-06-2023, 01:11 PM)Luvnit2 Wrote: You are 100% wrong because this was not a personal loan paid back from a personal account. It was a loan paid back through a business account and again, the business needs to give the lender a 1099 with the interest. It is against the law to give a zero interest business loan.
It was a personal loan from Joe to Hunter. How Hunter paid it back is meaningless to Joe's circimstances. Was the TRUCK titled in the name of the business or Hunter?
Don't forget that every dime in a personal LLC that isn't a business expense belongs to the owner of the LLC, not the LLC. This ability to flow money is one of the reasons that the King of the LLC Donald Trump pushed so hard to protect these flow through businesses when his tax bill was written.
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