Can a sole proprietor transfer funds from their business checking account to their personal checking acount by writing a check?
2007-09-26 11:36:58 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes that is the preferred way.
2007-09-26 11:42:16 · answer #1 · answered by RunningUte 3 · 0⤊ 0⤋
of course, and that is perfectly legal, as long as the funds are accounted for by the business. They can pay any expense, including payroll, bonus, or "return of investment" to the owner. Be sure to classify the payment on the business record books properly.
2007-09-26 11:45:28 · answer #2 · answered by Mike 7 · 0⤊ 0⤋
once you fill out your schedule C you will rfile the full $2,000 as earnings and declare the $a million,000 you paid to the different individual as a business enterprise rate. hence, you will in basic terms pay taxes on your $a million,000 earnings. do not forget approximately you besides mght ought to document a kind 1099-MISC for the $a million,000 you pay to the different individual.
2016-10-20 02:05:52 · answer #3 · answered by ? 4 · 0⤊ 0⤋