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Embezzlement is using company funds for your own personal gain. It doesn't have to be transferred to your own account. If you move company funds in one blob fr
by csomar 4y ago
Embezzlement is using company funds for your own personal gain. It doesn't have to be transferred to your own account.
If you move company funds in one blob from SVB to Personal account, and then move the same blob from Personal account to Bank XYZ, and document the process, you'll be fine.
Of course, you can use your personal account for a while until you setup another business account (which you should have at least a couple if you are well funded) but while it's technically not illegal, it can massively complicate your accounting later.
- caminante 4y agoI realize you're talking in practical terms. I read about embezzlement because I was curious.[0] > Embezzlement is using company funds for your own personal gain. AFAIK, the criteria for embezzlement is much broader than "personal gain." You have to take possession (rightfully), but do something with it (unrightfully). I can see an argument that the scenario of an employee taking its money from SVB and putting in another bank IS embezzlement if this is done without the CFO/officer's consent. In practical terms, you're probably fine as long as you're trying to act in best interests. [1] [0] https://en.wikipedia.org/wiki/Embezzlement https://en.wikipedia.org/wiki/Embezzlement [1] https://en.wikipedia.org/wiki/Conversion_(law) https://en.wikipedia.org/wiki/Conversion_(law)