4 ms·
Individuals also create corporates to spend money, i can create a single owner entity and spend money like i am from my personal bank account
by elango 9y ago
Individuals also create corporates to spend money, i can create a single owner entity and spend money like i am from my personal bank account
- marcoperaza 9y agoPeople do it, but it’s not legal. The corporate funds are for the corporation’s purposes. If you need the money for personal purposes, you’re supposed to take a distribution or pay yourself a salary. If you get caught doing otherwise, you’ll owe the IRS all of the back taxes and some hefty penalties.
- AstralStorm 9y agoWhat if you pay yourself a salary in Caimans? Here is the problem.
- hkmurakami 9y agoexpensing items that aren't actually for your business activities is tax fraud.
- AstralStorm 9y agoWhich you cannot prosecute easily thanks to some of the loopholes mentioned in the post itself.