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Accounting & Bookkeeping & Small Business Forum
Accounting, Bookkeeping, Marketing, and Small Business Resource
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Guest
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| Posted: Mon Jul 12, 2004 1:59 pm Post subject: Loan to buy business |
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I'm working with a new S Corp client. He bought out the business from an old partner. His previous accountant said he could not make the note payment to the old partner through the business - it had to go through his personal account. Is that correct?
Thanks |
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Guest
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| Posted: Tue Jul 13, 2004 2:11 am Post subject: RE: Loan to buy business |
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| The accountant is correct. The partner is acting as an individual not a partner. The individual is buying the oartner out not the partnership. |
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