Delaware Formed LLC With Canadian Private Creditors

[schu]

Hey everyone,

I have an LLC formed in the state of Delaware and I am looking to obtain loans from private creditors (friends, family, etc.)

If I am paying them interest for the loans, how would I draft up the documents? From a Google search it looks really simple, but I want to know what things on it I must include (which I might've missed). For example, is a SIN required? I think I read somewhere that a SIN is required because the government matches the interest income with your number, but you can guess that many people will be cautious of that (since I'll pretty much have all their information for example to apply for a credit card under their name).

Their personal information, terms (e.g. interest rate, length, maturity, late penalties, etc. are a given). I guess my main concern is whether their SIN is required, but any other information that can be provided would be greatly appreciated.

Thanks in advanced!

[JGCA]

The recent treaty changes now also recognize that the 25% with tax has been extended to LLC also so no with tax will apply. You are probably wanting to file with the IRS slips so SIN is not what you need you would need a ITN for these persons, if you intend to file CND T5 then SIN would apply but as a US LCC I do not see how this will happen. For IRS purposes a SIN is not of any use.