How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Business Law
Satisfied Customers: 55594
Experience:  32 years of experience practicing law and a businessman.
Type Your Business Law Question Here...
Richard is online now
A new question is answered every 9 seconds

I have a question on using corporation space for personel use.

Resolved Question:

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: 5 years ago.
Category: Business Law
Expert:  Richard replied 5 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.


I hope this has given you information that has been helpful to you. If the information seems more general than specific, please be aware that we are only allowed to provide information and not specific advice. If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break. If you need additional clarification on this question, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you. Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard and other Business Law Specialists are ready to help you