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J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 2245
Experience:  Experience in residential real estate and commercial leases.
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Have a business that I run out of my house. It's an s corp.

Customer Question

Have a business that I run out of my house. It's an s corp. storage units in site. can I pay all of my bills out of my business acct? Why about any home improvement? Can that come out of my business checking account?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  J. Warren replied 1 year ago.
Hello and welcome to JustAnswer. Please note:This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.Funds between business and personal expenses should never be commingled. Separate checking accounts and payment for business and personal expenses, loans, bills, etc.... must be paid separately. If funds and payments are commingled, the corporate shield is at risk of being set aside and therefore resulting in personal liability. Not to mention the increased risk by the IRS of an audit for expenses being paid out of a business account for personal expenses.A percentage of the home business used for business can pay the bills and loan payments. For example, if the business uses 10% of the home square footage, then a payment of 10% for bills would come from the business account. If a home improvement is exclusively for the business (such as a home office) then the business may make the payments directly for the loan.Thank you for allowing me to help you with your questions. I apologize that this was probably not the Answer you were hoping to receive. However, it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. I hope you understand. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (3 stars or more). I thank you in advance for taking the time to provide me a positive rating! If you are on a mobile device, you may need to scroll to the right.
Expert:  J. Warren replied 1 year ago.
Can I answer any additional follow up questions for you or clarify anything I have written above? If not, can you please press a positive rating above this message box in the ratings section so I will be paid for my time assisting you on this matter? Pressing a positive rating will not cost any additional money - it is simply the trigger used by Just Answer to pay me for my time (pressing the middle star or the fourth or fifth star on the right are all positive rating buttons).
Expert:  J. Warren replied 1 year ago.
Please let me know if you need further clarification with regards ***** ***** question.