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Sole Proprietorship - funds available to me?
I started a small business last year (sole-proprietorship). I have come into a financial emergency and need to come up w/ $2k ASAP, can I just take it from the business account? Will I have a problem w/ the IRS for doing that? Or since it's just me can I do as I please w/ the money? (I live in NYC - if that affects your response)
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As far as I know, with a sole proprietorship, you ARE your business and should be able to use business funds for personal emergencies. (In the same way, if your business is sued, your personal finances are similarly at risk.) If you are incorporated, business funds are separate from personal ones.
I hope ScottGem and FrChuck will see your question and give you a more complete answer than I did. |
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