Financial assistance from family when starting up

Gifts/donations are perfectly fine. Money can be deposited into your account, there is no tax impact, and it can be paid back in instalments, for example.

Don't make it too difficult :)

Thanks, I'm in the same situation. So just a transfer from my brother to me is okay? I had already found it somewhere else, but I was still a bit unsure...

Hey FD and OL,

As a sole proprietor, there is no difference between you as a person and your business. There is therefore no difference between your private account and your business account.

You are also allowed to use single-entry bookkeeping. What does that mean exactly? Simply put, you only have to register your sales and purchases, not where the money comes from or how you are paid.

This means, for example, that you can buy a computer for €1,000, but you do not have to indicate anywhere in your accounts that you paid for it in cash two weeks later.

What does this mean in concrete terms for your question? You have not sold anything to your parents, and if they deposit money into your account, it does not affect your accounts. You will only have to add the purchases of that equipment to your expenses. As a sole proprietor, you are also free to transfer money between your various accounts.

Conclusion: you do not need to do anything in terms of bookkeeping.
If this is not clear, please feel free to question!

Kind regards,
Louise

www.ticenits.be