Legal Question in Business Law in Wisconsin
is it legal for a s-corp to make a loan to it's owner?
Asked on 8/17/10, 3:08 pm
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
Any attorney will say this is perfectly legal and happens all the time, especially in a closely held corporation. The loan should be documented with a promissory note and include a standard rate of interest on the loan. Consult with an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
Answered on 8/23/10, 6:37 am
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