Can you write your own loan agreement for a personal loan to your company?

ByNina Kaufman

Opinions expressed by Entrepreneur contributors are their own.

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.
Wavy Line

Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under herAsk The Business Lawyerbrand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes theMaking It Legalblog.

Editor's Pick

Related Topics

Science & Technology

This Is the New ChatGPT Trend That Will Enhance Your Business

ChatGPT plugins are becoming the new cool trend among entrepreneurs to enhance their businesses and engage more customers. Here are some insights into how they're impacting business enterprises, along with some potential risks that may accompany the benefits.

Business News

Kristen Bell and Dax Shepard's Family 'Stranded' at Boston Airport During 9-Hour Delay: 'We Made Quite a Home Here'

The actors spent $600 on pillows and blankets while waiting for their flight.

Business News

Netflix is Hiring an AI-Focused Role—and the Starting Salary is up to $900,000

The streaming giant is looking for a leader in its machine learning department.

Growing a Business

Senior Executives Are Falling Behind The Digital Curve — Here's What It Takes to Stay Ahead.

Learn how to stay ahead of the digital curve with the top areas of digital transformation that all corporate leaders should know.

Business News

McDonald's Is Launching a Spinoff Restaurant Chain Based on a Beloved, Blast-From-the-Past Mascot

The company saw a lot of success with another former mascot, Grimace, in June.