Posted by taxguru on April 17, 2005
Q:
Subject: Personally paid corp expense articleWould the same technique described in option 2 be kosher for a corporate member of an LLC? The corporation has its own business credit lines and it would like to extend their benefit to said LLC.I assume then the books would look like this:Corp:debit Loans to LLC, credit Corporate MastercardLLC:debit expense, credit Loans from Members
A:
You can do it that way or through the capital contributions account.
Kerry Kerstetter
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