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Daily Archives: December 13, 2018

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Can I borrow money from my wholly owned business?

Blog, Business Owner/Self EmployedBy Editorial TeamDecember 13, 2018

Yes, you can borrow money from your wholly owned business. Generally speaking, the terms of the loan must be reasonable and must be properly documented. Otherwise, you run the risk that the IRS could reclassify the proceeds of the loan as compensation or dividends, leaving you with an unanticipated tax bill. Troubles may arise if…

Do I need to provide credit information on my auto insurance application?

Blog, InsuranceBy Editorial TeamDecember 13, 2018

When you apply for an auto insurance policy, don’t be surprised to find questions about your credit on the insurance company’s application. In addition to the other information you provide, the company may use your credit information as part of its applicant-screening process. But are insurance companies being too nosy and intrusive when they request…

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