LLC loan

[slemgem1]

I have 2 LLc's.  How Do I report money I loaned to them so it does not reflect as income???  I documented all monies. 

[dev145]

Hi slemgem1,

There are several answers depending on type of LLC. 

1. If both are single member LLC's, you do not report it anywhere. IRS treats single member LLC as disregarded entity that means LLC and individual are same. 

2. If LLC has elected to be treated as S-corp., you will report loan on balance sheet as loan from shareholder. 

3. IF LLC is multi-member LLC, it will report loan on balance sheet too.

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