guys you have been so helpful with all my questions... and i really need some help on this one.
i have a day trading business that i am the sole owner. it was formed as a CORPORATION in NJ. my trading account (registered in my TAX ID) just received a margin call meaning that the business cannot operate unless i meet the call. basically, i need to deposit $7000 for 3 business days and then i can wire it back out. unfortunately i do not have that money available. so, my question is... can the business take a loan from a family member. the check would be made out to the business and deposited into the business bank account. it would then be wired into my business trading account to meet the call and then wired back to my business bank account. at which point, the business will pay back the loan to the family member.
is this allowed or would this be considered an insider payment?
please help because i need to make a decision today as to whether to have my business accept a loan from a family member.
i have a day trading business that i am the sole owner. it was formed as a CORPORATION in NJ. my trading account (registered in my TAX ID) just received a margin call meaning that the business cannot operate unless i meet the call. basically, i need to deposit $7000 for 3 business days and then i can wire it back out. unfortunately i do not have that money available. so, my question is... can the business take a loan from a family member. the check would be made out to the business and deposited into the business bank account. it would then be wired into my business trading account to meet the call and then wired back to my business bank account. at which point, the business will pay back the loan to the family member.
is this allowed or would this be considered an insider payment?
please help because i need to make a decision today as to whether to have my business accept a loan from a family member.
Discharged 11/04/2014 
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