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Interest-free loan agreement from the founder/member of the company
| (place of conclusion of the contract) | (date of conclusion of the agreement) |
(Full name of the Lender), who is a participant/founder of the Borrower Company, hereinafter referred to as the “Lender”, on the one hand, and
(Full name of the Borrower), represented by (position, full name), acting on the basis of (Charter, Regulations, Power of Attorney), hereinafter referred to as the “Borrower”, on the other hand, and together referred to as the “Parties”, have concluded this agreement on the following:
Subject of the agreement
1.1. Under this Agreement, the Lender transfers the ownership of funds to the Borrower in the amount of (amount and currency of funds), and the Borrower undertakes to return the loan amount to the Lender upon expiration of the period specified in clause 1.2. Agreement.
1.2. The loan is provided for a period of ______________.
1.3. The loan provided under this Agreement is secured (method of securing the obligation).
1.4. No interest is paid on the loan amount.
Rights and obligations of the parties
2.1. The borrower is obliged:
- return to the Lender the received loan amount upon expiration of the period specified in clause 1.2 . actual agreement;
- ensure the fulfillment of your obligation to the Lender;
2.2. The Borrower has the right to repay the loan amount to the Lender ahead of schedule.
2.3. The Lender is obliged to provide the Borrower with borrowed funds within (period) from the moment of signing this Agreement.
Final provisions
3.1. This Agreement is considered concluded from the moment the money is transferred to the Borrower.
3.2. The loan amount is considered repaid at the moment of transfer of funds to the Lender.
3.3. Any changes and additions to this Agreement are valid if they are in writing.
3.4. This Agreement is drawn up in two copies having equal legal force - one for each of the Parties.
3.5. In everything that is not provided for in this Agreement, the Parties are guided by current legislation.
Details and signatures
| Lender | Borrower |
| ______________ Lender ______________ | ______________ Borrower ______________ M.P. |
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Sample loan forgiveness agreement for founder
The forgiveness procedure is provided for in Article 415 of the Civil Code of the Russian Federation, which must be formalized in writing. There is a standard loan forgiveness agreement for the founder, after fulfilling the conditions of which all obligations from the borrower are removed. It may also describe the conditions for the return of part of the debt or interest on it, or all together. It is also necessary to take into account that from the point of view of tax expenses, the LLC in this case will not have, and the borrower will have income in the amount of the unpaid loan, from which it is necessary to pay personal income tax of 13%.
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Comments on the document “Interest-free loan agreement from the founder of the company participant”
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| 5 Elena Podgor | 07/17/2014 at 22:08:00 Thank you! Everything is clear and clear. It turns out that the lender and the borrower can coincide: for example, the lender is one of the co-founders, and he is also the borrower, but as a director of an LLC? |
Reply 0
| 5 Rufina | 07/29/2014 at 22:11:59 Thank you |
Reply 0
| Olga | 10/03/2014 at 14:09:49 Wonderful site, easy to use!!! |
Reply 0
| 5 Julia | 12/15/2014 at 12:38:34 Convenient service, I quickly found the required document, in which everything is written in essence and there is no confusion. Thank you. |
Reply 0
| 5 Natalia | 02/25/2015 at 15:09:24 What is a method of securing an obligation? |
Personal message | Reply 0
| Chechetkina Ksenia Vladimirovna Status: Lawyer rating 12185 | 02/26/2015 at 20:52:30 reply to Natalya Good evening, Natalya. The method of securing obligations is what ensures the fulfillment of the obligation (how the lender can return his money if the borrower does not return it). For example, it could be a pledge, a stand, etc. Art. 329 of the Civil Code of the Russian Federation. Article 329. Methods of ensuring the fulfillment of obligations 1. Fulfillment of obligations may be ensured by a penalty, a pledge, retention of the debtor’s property, a surety, a bank guarantee, a deposit and other methods provided for by law or contract. 2. The invalidity of an agreement to ensure the fulfillment of an obligation does not entail the invalidity of this obligation (the main obligation). 3. The invalidity of the main obligation entails the invalidity of the obligation securing it, unless otherwise established by law.
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Reply 0
| [email protected] | 07/28/2015 at 13:40:17 Thank you very much! helped a lot. |
Reply 0
| Olga | 09/04/2015 at 09:19:39 The contract is clear, everything is clearly spelled out and there is nothing superfluous. Thank you! |
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| 5 Irina | 10/05/2015 at 11:54:54 The contract example is useful for work, thank you. |
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| Natasha | 10/14/2015 at 15:40:12 Thank you. very affordable. |
Reply 0
| nata | 11/10/2015 at 14:09:28 It’s kind of short - it should be made more colorful - in our country they love it - by the time you start reading, by the end you’ll forget what was discussed in the contract. |
Reply 0
| Olga | 11/19/2015 at 15:11:24 Thank you. I found what I was looking for on your site. |
Reply 0
| Zhanette | 12/10/2015 at 09:24:55 Thank you very much, everything is simple and clear. |
Reply 0
| Valentine | 02/04/2016 at 11:43:21 Thank you. Very accurate and good document. |
Reply 0
| Victoria | 09/15/2016 at 12:04:29 Good afternoon, tell me, is it possible to extend such an agreement with an additional agreement? |
Reply 0
| 5 Inna | 04/03/2017 at 12:52:46 Thank you. The agreement is quite clearly stated. |
Personal message | Reply 0
| 5 Natalia Status: Client | 06/09/2018 at 17:03:59 Thank you very much. The agreement is laconic, clearly formulated, without frills or “fluff”. |
Reply 0
| 5 Svetlana | 07/03/2018 at 19:37:07 Thank you. Exactly what is needed. |
Reply 0
| Tatiana | 12/01/2020 at 09:57:03 Nice site. Helpful information. |
Perpetual loan agreement with the founder
Additionally, other provisions may be prescribed at the discretion of the parties, for example, the method of resolving disputes, actions in force majeure circumstances, the borrower's responsibility in case of delay in repaying money, the procedure for terminating the contract. These points are clearly defined in the Civil Code, therefore they are not always indicated in contracts.
- competent advice on civil law;
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- protecting the client's interests in court;
- representing the client’s interests in cassation or appeal proceedings.
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What is an interest-free loan agreement between the LLC and the founder?
At the stage of creating an organization, the founders invest funds into its authorized capital, which become the assets of the LLC. During the course of the company's activities, the funds invested in the authorized capital may not be enough. To ensure the normal functioning of the company, its participant can enter into a loan agreement with the LLC, transferring the amount of funds specified in the agreement for temporary use free of charge, i.e. no interest.
In order for a loan to be considered interest-free, an appropriate condition must be specified in it. If you ignore this rule, the LLC will be obligated to pay interest to its participant who lent the money, due to the requirements of clause 1 of Art. 809 of the Civil Code of the Russian Federation. The interest rate will be equal to the refinancing rate (determined by the location of the LLC).
When concluding a loan agreement, the question arises: is it required to pay tax on the funds attracted by the LLC? Based on clauses 10 p. 1 art. 251 of the Tax Code of the Russian Federation, when receiving borrowed funds, the organization does not have income; accordingly, such funds are not included in the tax base. Thus, an LLC is exempt from paying income tax when receiving a loan.
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Permanent loan agreement
Often, a permanent loan agreement is concluded between a legal entity (organization) and an individual (one of its founders) - for financial assistance to the organization, for example. Such an agreement is drawn up in the usual form and can be interest-bearing or interest-free.
Important! In order for interest on a loan to be tax-free, it should not exceed 20% of the current refinancing rate of the Central Bank of the Russian Federation for comparable obligations. In addition, interest must be accrued and paid monthly or quarterly, and not all at once at the end of the term.
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