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    2 Replies Latest reply on Apr 26, 2011 11:44 AM by brandons

    what to do with company money

    kezargo Newbie

      i need help in keeping my books. i need to know what personal expenses can i pay for with company money

        • Re: what to do with company money
          LUCKIEST Guide

          Welcome. Do you have an accountant??

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          • what to do with company money
            brandons Newbie

            You should have a separate account for your business.  However, depending on your business structure(1), its not the end of the world that you don't. Lots of people do what you're doing.  Just make sure that you only deduct the proper items on your tax return and have documentation for it.  As a business, you're suppose to keep accurate records which really means you need to be able to prove your deductions are deductible.  While you can certainly pay your personal bills with company money, don't deduct those on your tax return.  If you'll be providing financial information to a bank other third party, you will need to properly account for your income and expenses (GAAP) so that your financial statements are not misleading.  If you can't do that, maybe you should seek the help of an accountant.  Additionally, its to your benefit to properly account for your business financial's.  Its important to know if your headed uphill or downhill before its too late.


            1)  you don't want to risk your limited liability of your corporate or LLC status by 'Piercing the corporate veil'. 


            Brandon Sheffield, CPA

            Insightful Accounting

            'Accounting that opens the door into your business'