Q: company A transfers money from Company B into Company A's bank account #1 and then Company A transfers that money back
to company B's bank account #2 as a loan. is that legal? what would be a reason? I asked the president of the company and he said for me to just do what I am told. I don't feel comfortable with this.
A: Who is telling you to do that? If it is the company's attorney or accountant advising you to do this, get a second opinion if you are uncomfortable. As president, you have certain fiduciary duties under Ohio law, and so the company should have both an attorney and a tax adviser to provide appropriate advise when such questions arise. Use the Find a Lawyer tab to retain a business attorney to represent the company in its affairs. The attorney can probably recommend a business tax accountant.
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