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Business activities should be kept separate from personal activities. It is preferable to have the entity pay for all of its business expenses form the entity’s checking account and to have one credit card that is used solely for business expenses. It is not uncommon that the partners/members need to pay for business expenses out […]

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Shareholder(s) and the corporation are two separate entities. The IRS recommends opening business-only banking accounts for any business. It is preferable to have the entity pay for all of its business expenses form the entity’s account and to have one credit card that is used solely for business expenses. However, even when you do maintain […]

Read More… from Business Expenses Paid out of Pocket by Shareholder(s) of S Corporation