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P
Pinto13
March 15, 2021
Question

Shareholder's loan

  • March 15, 2021
  • 1 reply
  • 0 views

We just started a company last July (2 of us) and I needed to borrow money from the company.  I entered it as an expense (from my credit card) and made the category as 'My shareholders loan' and did 'exempt' for taxes.  So for example I have $5000 in my shareholders loan, when do I have to pay it back?  Someone told me I only have a year to pay it back?

Could someone explain how this works.  Thanks

1 reply

J
JamesM4
March 15, 2021

Hi Pinto,

 

Congrats on starting the new company. I trust that business is going well. I'll be glad to steer you in the right direction so you can know the correct time-frame to pay back the shareholder loan. 

 

QuickBooks offers an easy-to-use platform that allows you to automate most of the manual tasks involved in your business. Knowing the right time to pay back the loan is crucial and I highly recommend connecting with an accounting professional for expert advice. You can reach out to an accounting professional on our site using this link here. 

 

I'll also leave this question open in the Community so others can chime in and share their advice. In the meantime, feel free to ask questions below. Otherwise, I wish you a great rest of the week.  

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