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All Forum Posts by: Beckie Trudeau

Beckie Trudeau has started 1 posts and replied 1 times.

Personal Finance

Post: Personal HELOC Draw-Business Repayment Need Formal Agreement?

Beckie TrudeauPosted
  • Covington, OH 45318
  • Posts 1
  • Votes 1

I just took a draw from my primary residence's HELOC and immediately deposited the funds directly into my business LLC checking account so that I could make a large contractor payment. Now I need to start monthly repayments on the HELOC. Today I paid the first payment from my business checking account. I know that I don't want to mix personal with business finances. Can I set up some sort of agreement or promissory note that formalizes this properly? Other ideas on how to account for the funds and repayment?

1 Vote