http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/ A Norwalk, CA Accounting Groups Tue, 28 Dec 2010 19:19:08 +0000 hourly 1 http://wordpress.org/?v= http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/comment-page-1/#comment-1210 Bridey Tue, 15 Dec 2009 17:19:51 +0000 http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/#comment-1210 Yes and No, just always right your self a check ,,, I R S wants paper trails... if not can be taken as tax evasion or corporate fraud.. Yes and No, just always right your self a check ,,, I R S wants paper trails… if not can be taken as tax evasion or corporate fraud..

]]> http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/comment-page-1/#comment-1209 Richard F Tue, 15 Dec 2009 16:38:26 +0000 http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/#comment-1209 It's not illegal, but your partner wouldn't appreciate it, I'm sure. You could get wrapped up in some legal issues on that front. It is best NOT to mix business finances with personal finances. Keep them separate. It is truly the only way to have a successful business. It’s not illegal, but your partner wouldn’t appreciate it, I’m sure. You could get wrapped up in some legal issues on that front.
It is best NOT to mix business finances with personal finances. Keep them separate. It is truly the only way to have a successful business.

]]> http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/comment-page-1/#comment-1208 Mr Mugg Tue, 15 Dec 2009 16:27:21 +0000 http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/#comment-1208 Not that I know of but for tax purpose it raises bookeeping issue. If you are trying to right off personal stuff through the business account then it would be illegal if caught. The more important part is does your co owners want you using it that way? Simple way is keep personal separate from business.... your accountant will thank you. Not that I know of but for tax purpose it raises bookeeping issue. If you are trying to right off personal stuff through the business account then it would be illegal if caught. The more important part is does your co owners want you using it that way? Simple way is keep personal separate from business…. your accountant will thank you.

]]> http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/comment-page-1/#comment-1207 Greg Tue, 15 Dec 2009 15:44:22 +0000 http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/#comment-1207 No, as long as they aren't claimed as business expenses on your tax return. But more importantly, your business partners should be okay with it, and how the money is to be accounted for should be discussed. Even though it's possible (and not illegal), I agree with Bridey. It's better and safer to keep the business finances and personal finances as separate as possible. It'll only save you headache in the future. No, as long as they aren’t claimed as business expenses on your tax return. But more importantly, your business partners should be okay with it, and how the money is to be accounted for should be discussed.
Even though it’s possible (and not illegal), I agree with Bridey. It’s better and safer to keep the business finances and personal finances as separate as possible. It’ll only save you headache in the future.

]]> http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/comment-page-1/#comment-1206 Der Brewmeister Tue, 15 Dec 2009 15:09:18 +0000 http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/#comment-1206 my dad has a business and we use out business checking for everything. mostly cuz its our only income. been doing it for 20 yrs now no probs my dad has a business and we use out business checking for everything. mostly cuz its our only income. been doing it for 20 yrs now no probs

]]> http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/comment-page-1/#comment-1205 Nikki J Tue, 15 Dec 2009 15:02:29 +0000 http://www.norwalk-cpa.com/is-it-illegal-for-me-to-use-my-small-business-checking-account-of-which-i-am-co-owner-for-personal-use/#comment-1205 technicaly no, depends on the other owner. I use a seperate account to run my business so I can keep track of spending and purchase for the company come tax time. IF you keep good records then it shouldnt matter. technicaly no, depends on the other owner.
I use a seperate account to run my business so I can keep track of spending and purchase for the company come tax time. IF you keep good records then it shouldnt matter.

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