QUESTION

What if anything can I charge to a small business company that I own but no longer actively work at?

Asked on Jan 05th, 2012 on Business Law - Oklahoma
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1 ANSWER

Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
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I understand your question to mean that you own 100% of the stock of the corporation and are an officer of the corporation but are no longer an employee of the corporation. If you want the corporation to pay your personal bills, there is nothing to stop it from doing so, since, as your are the sole stockholder, there is no one to object to the corporation's payment of your personal expenses. These payments may not be tax-deductible to the corporation to the extent that they are not for bona fide business expenses of the corporation.
Answered on Jan 05th, 2012 at 1:47 PM

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