QUESTION
Can I recoup the money invested in opening a bank acount for my new business.
Asked on Nov 23rd, 2013 on Business Law - New Jersey
More details to this question:
When i started my non-profit company about a month ago I opened a checking account with my personal money. In order to maintain a free checking I have to have at least $1,500 in the account. At the moment I do not and I was thinking of taking my personal funds and adding it to the account. Once the company makes that money back can I recoup my personal funds and withdraw them?
1 ANSWER
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Laddey, Clark & Ryan
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Yes, the money you used topen the business account is a personal loan from you to the business. As soon as thee is enough money in the account, you are free to repay the loan to yourself - with nominal interest! Let me know if I can help.
Bill
Answered on Dec 02nd, 2013 at 4:29 PM