Taking a personal loan on behalf of corporation Canada

Hi,
If a person takes a personal loan on behalf of corporation what steps should be taken from the corporation point of view and how should it be booked on the balance sheet.

For example - is this correct?
Personal loan of $500,000 on a balance sheet as Long - term liability
Payments of the loan:
Debit : Corporation’s interest expense
Credit: Long - term liability principal

The agreement between shareholder and the corporation should be included in the minute book with the information stated that the shareholder takes the loan on behalf of the corporation and the corporation pays the interest and the principal.

Do you agree if the above is correct?

"Hi,
If a person takes a personal loan on behalf of corporation what steps should be taken from the corporation point of view and how should it be booked on the balance sheet.
For example - is this correct?
Personal loan of $500,000 on a balance sheet as Long - term liability
Payments of the loan:
Debit : Corporation’s interest expense
Credit: Long - term liability principal
The agreement between shareholder and the corporation should be included in the minute book with the information stated that the shareholder takes the loan on behalf of the corporation and the corporation pays the interest and the principal."
.
.
Based on the information provided, my advice to the directors of this corporation would be that they should, as soon as possible, cause the corporation to properly engage a professional accountant (ie a CPA) before they continue transactions which likely would expose them to all sorts of fines/sanctions/prosecution on a Gross Negligence basis.
For example, non-compliance with Section 230, amongst others.
The corporation is a stand-alone legal persona.

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Thanks for your note.