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I know someone who owns a business. They also own and LLC.

By admin on May 23, 2011

He takes the money out of his business (construction business) and puts it in his LLC. He takes out a certain amount for his own income. Then he gets credit cards on his LLC and writes them as a loss. The credit cards are not related to his LLC, which he call management services. For example, he buys gas for his own personal vehicle use. When he files his own personal taxes, he shows a loss because of his LLC. Is this legal?

Posted in | Tagged , , , , , | 2 Responses

2 responses to “I know someone who owns a business. They also own and LLC.”

  1. MJ
    MJ
    May 23, 2011 at 7:58 pm |

    Who cares? Get a life and leave that guy alone! Is he hurting you, no, do most people cheat in some way, yes, who cares!

  2. robrobiii
    robrobiii
    May 23, 2011 at 8:09 pm |

    Doesn’t sound unusual. Many times someone sets up an umbrealla LLC to own the business. And it is not unusual to charge the business for his time either.

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