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I just started a corporation and I was wondering how do I start buying things that the corporation needs? Should I loan money to my corporation or should I just put my personal money in the corporation bank account? Does the corporation have to pay tax on money that is deposited in the corporation bank account? If I make a loan to the corporation, is it possible to make it a loan of 0% interest? Thanks!
Hi, make a non-interest bearing loan to your company with no fixed terms of repayment. To do this, deposit your personal funds into the corporation’s bank account. The corporation can use those funds to pay for business expenses. The corporation does not have to pay tax on the money you deposited into the corporate bank account.
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