When the corporate coffers dwindle or swell, small corporations often borrow or lend their filthy lucre. The IRS likes to see such loans documented, whether they involve financial institutions, shareholders, directors, friends or relatives. And financial institutions and other lenders often require written resolutions for these loans.
Corporate Loans: Create Promissory Notes and Resolutions explains the tax consequences and legal considerations that will keep you out of trouble with the IRS.
It also provides numerous resolutions and promissory notes for you to approve and document your loan transactions, including:
- Authorization of Institutional Loan at Specific Terms
- Authorization of Maximum Institutional Loan on General Terms
- Unlimited Authorization of Loans for Business Needs
- Authorization of Line of Credit
- Authorization of Line of Credit with Cap on Each Transaction
- Authorization of Loan Terms Secured by Corporate Property
- Approval of Loan to Corporation from Insider
- Approval of Corporate Loan to Insider
- 12 promissory notes for loans to and from the corporation with various repayment terms
With this comprehensive eGuide, you and your corporation will be able to sigh, "Ahhhh. A loan at last."
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