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Tax Law for the Closely Held Business

Legal Updates & Commentary for Tax & Estate Planning

Section 316

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I Own the Business, The Business Owns the Assets, I Own the Assets, Right?

By Farrell Fritz P.C. on November 4, 2019
Posted in Federal

Personal Use of Business Assets

“But it’s my business. I own it.”

How many times have you heard this response from the owners of a business entity after you’ve advised them that they should not treat the entity as their personal bank account?

Too often, I’d wager.

What’s more, the response is not limited to…

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