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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 45967
Experience:  32 years of experience practicing law and a businessman.
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I have a question on using corporation space for personel use.

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I have a question on using corporation space for personel use. We have a corp. my brothers and I and my brother is using a warehouse for his on personel use. This space would generate around 300.00 to 400.00 per month. Is this right under corp. law?
Submitted: 2 years ago.
Category: Business Law
Expert:  Richard replied 2 years ago.

Welcome to JA! I will do my best to help you. Please be aware, however, that I am only able to provide information and cannot offer specific advice!

 

Good morning. No...this would not be allowable. The corporation is a separate entity and if one owner is appropriating corporate assets for his/her own personal use, the corporation should basically either require the owner to pay the fair market value for that use....just as if a corporate owner was using a corporate vehicle for personal use...or the corporation should treat that as compensation to that owner and issue a 1099 to the owner for the value.

 

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Richard, Attorney
Category: Business Law
Satisfied Customers: 45967
Experience: 32 years of experience practicing law and a businessman.
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