Lawyers, Answer Questions  & Get Points Log In
Connecticut Business Formation Questions & Answers
1 Answer | Asked in Business Formation, Business Law and Employment Law for Connecticut on
Q: can my company make payments on personal loan of mine instead of paying me a higher salary?

my company made loan payments for me instead of paying me a higher salary....now they want me to pay taxes on this money? is that legal

Ana Maria Del Valle-Aguilera
Ana Maria Del Valle-Aguilera answered on Oct 29, 2020

If your company pays your personal loan directly it must be reported as additional income to you and an expense to the company. If you own the company, you should check with your accountant to see if there are any actual tax savings.

1 Answer | Asked in Business Formation and Real Estate Law for Connecticut on
Q: Looking to start LLC to finance other business ventures down the road. How should we set it up given situation?

I just graduated college and got a salaried job. My fiance is currently in school and will be finishing nxt year. We want to start a business on paper so that we can invest in other businesses. We want to eventually purchase a car wash. We're interested in purchasing 3family duplex to generate... Read more »

Nicole M. Camporeale
Nicole M. Camporeale answered on Jul 12, 2017

Seek the help of a business attorney who can properly advise you.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.