Credit Card Charges for funding company startup funds
I started an LLC operating as a C Corp. this year without stock setup so far , I have to file 1120 form. My question is if my brother in law lend me money through his credit cards for operating the business ( he is not a member or shareholder on my LLC as C corporation ), and I can return money to him when I can without interest, do I have to report money I borrowed from him under "other income" on form 1120? if yes, what tax line name should I use and if no, what should I categorize it and file which additional form? ***my brother in law is a foreigner living outside of the USA with my sister. And I am started this business mid of this year.
