I need a little more working capital to get a project done. I have the money in another LLC that I am a member of. (single LLC). Can I do a loan from the LLC to help fun this project? If so, is there a template online I can use that will help set some guide lines for the loan, etc. I will still run this by my CPA, but I want to kind of get an idea as to how the structure might look, and feel.
Thanking you for your time, I know its the weekend.
One LLC can definitely loan money to another LLC just as a person would be able to. You just want to make sure the terms are reasonable so that it doesn't look like you're trying to do something improper. The most basic info that you'll need to come up with is the amount of the loan, the term of the loan (time period), and the interest rate. Also, if you have another managing member in the LLC that's getting the loan then you'll want him/her to sign the loan document for the LLC instead of you since you'll be signing for the single member LLC that's giving the loan. There probably are forms online, but you may want to hire a lawyer to draft the loan document to ensure that it complies with Louisiana law. If the loan terms are pretty basic then the legal fees will not be much at all.
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