Can you write your own loan agreement for a personal loan to your company?
If you personally loan your C Corporation money, can you write up your own loan agreement and, if so, where is the best place to get one?As a business owner, you certainly can (and should) have a written loan agreement--whether the loan comes from you, personally, or anyone else.
The best place to get an agreement is from an attorney who specializes in this area. You not only have issues such as the loan term, when payments start and the interest rate, but you also have corporate minutes to prepare to ensure that you’re meeting the corporate formalities of the laws of your state.
Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.