Legal Question in Business Law in Michigan

Two sister corporations have a loan from one to another that has been on their books since 1985. Both corporations have mutually ignored it. It shows up a a loan on taxes. Is there a statue of limitations on collecting on this loan, and what would you advise?


Asked on 6/28/23, 1:24 pm

1 Answer from Attorneys

There may be more details which have been withheld, but based on only the above this is better asked in criminal law section. What you are describing likely falls under either money-laundering (pumping one businesses profits through anther entity and calling it a loan) or tax-fraud (if written off as uncollectible a 1099 should have issued).

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Answered on 6/28/23, 2:31 pm


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