Quick Question about Credit

[Shr00m]

What is the name of your state?OH

I started a LLC the begining of the year. I am reselling computer software/parts. If I use my personal credit card for credit for the business with this affect anything?

As far as my Business Checking is concerned, it is just showing income, no withdrawls for products that I need to buy.

Just thought I would ask.

 

[seniorjudge]

What is the name of your state?OH

I started a LLC the begining of the year. I am reselling computer software/parts. If I use my personal credit card for credit for the business with this affect anything?

As far as my Business Checking is concerned, it is just showing income, no withdrawls for products that I need to buy.

Just thought I would ask.

I am not sure of your question, but why did you start the LLC?

Whatever reason it was, when you use your personal credit card for business purposes, you are weakening that reason.

Google ohio pierce corporate veil

 

[Shr00m]

I am not sure of your question, but why did you start the LLC?

Whatever reason it was, when you use your personal credit card for business purposes, you are weakening that reason.

Google ohio pierce corporate veil

I run a network consulting business on the side of my full time job. I started the business up because I didn't want the IRS to see all the extra income I had coming in. I sell hardware/software to businesses but use my personal credit card for the purchases because I don't have any credit setup for my company. When they pay me for my services plus products, I deposit the check into my Business Checking that I setup. All my income for the business passes through this account. I don't want something to get messed up wtih taxes because I am using personal credit for business.

See what I am saying? I am thinking it probably doesn't matter, as long as I charge the correct taxes.

Thanks.

 

[Shr00m]

I am not sure of your question, but why did you start the LLC?

Whatever reason it was, when you use your personal credit card for business purposes, you are weakening that reason.

Google ohio pierce corporate veil

I see what your saying on that. Since I am selling the products under the company name but using my credit if legal problems arise then they could say that since I was using my own funds it was running more like a sole propriter?

 

[seniorjudge]

I see what your saying on that. Since I am selling the products under the company name but using my credit if legal problems arise then they could say that since I was using my own funds it was running more like a sole propriter?


Correct.

 

[Shr00m]

I see what your saying on that. Since I am selling the products under the company name but using my credit if legal problems arise then they could say that since I was using my own funds it was running more like a sole propriter?


Correct.

Thanks! Expecially for the speedy response!

 

[seniorjudge]

Thanks! Expecially for the speedy response!

Stay sober and become a millionaire and don't cheat on your taxes.

 

[Shr00m]

Stay sober and become a millionaire and don't cheat on your taxes.

LOL, you obviously reconized me from my other post!

So the way that I am running this business right now would be illegal for tax purposes? Is that why you said something about cheating on my taxes?

 

[seniorjudge]

Q: So the way that I am running this business right now would be illegal for tax purposes? Is that why you said something about cheating on my taxes?

A: No. The reason I said that was because of what you posted: I run a network consulting business on the side of my full time job. I started the business up because I didn't want the IRS to see all the extra income I had coming in.

 

[Shr00m]

Q: So the way that I am running this business right now would be illegal for tax purposes? Is that why you said something about cheating on my taxes?

A: No. The reason I said that was because of what you posted: I run a network consulting business on the side of my full time job. I started the business up because I didn't want the IRS to see all the extra income I had coming in.

Okay, yes I see what your saying. Before I had extra money coming in and I didn't want to get screwed by the IRS. Now since I am doing things legit, I shouldn't have to worry about this at all.

I should be able to transfer money out of my business account to my personal checking whenever I want tho right? As long as I pay my taxes right?

 

[seniorjudge]

Okay, yes I see what your saying. Before I had extra money coming in and I didn't want to get screwed by the IRS. Now since I am doing things legit, I shouldn't have to worry about this at all.

I should be able to transfer money out of my business account to my personal checking whenever I want tho right? As long as I pay my taxes right?

Time for an accountant; I don't even do my own income taxes so I couldn't tell you.

 

[Shr00m]

Time for an accountant; I don't even do my own income taxes so I couldn't tell you.

I tried calling him before I posted here but he was busy doing taxes for other people.

Thanks for the info I will try him tomorrow!