Oct 2 ā¢ šWhitney Gems
š Millionaire Business Tip š
To get business credit, avoid making this mistake š
When you transfer or move money from your personal account to your business account, itās important that itās documented correctly.
ā
Instead of letting it show up as business income, make sure you have an LLC Loan Agreement in place. This way, the money is recorded as a loan investment into your business, not income.
Why does this matter?
- If itās counted as income, it can mess with your books, inflate your revenue, and create unnecessary tax issues.
- When itās set up as a loan, it shows that youāre investing in your company properly. helping you build credibility and structure for lenders when applying for business credit.
š” Millionaires donāt just move moneyā¦ we move strategically.
š Drop a āšā in the comments if youāve learned something new today.
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š Millionaire Business Tip š
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