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Corporation vs LLC

Discussion in 'Ask An Owner Operator' started by LillyLoo, Jul 27, 2018.

Page 6 of 6
  1. Aug 4, 2018 #51
    LillyLoo

    LillyLoo Light Load Member

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    I have a followup question, regarding monthly bills. I understand expenses such as gas, food, and parts & services should come out of the business account. However, I set up his monthly Volvo truck payment to withdrawal from our personal account, along with the mortgage and household bills. I figured some of our monthly bills are tax deductible, so I assumed I should keep those bills together.

    All of our monthly bills for home and business are assigned to a personal account which is funded by the business. Would this be correct, or does his monthly truck payment need to be assigned to the business account?

    Thanks
     
    LillyLoo, Aug 4, 2018
    LillyLoo, Aug 4, 2018
    #51
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  3. Aug 4, 2018 #52
    Ridgeline

    Ridgeline Road Train Member

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    Everything that has to do with the truck and running the business comes out of the business account.
     
    Ridgeline, Aug 4, 2018
    Ridgeline, Aug 4, 2018
    #52
    LillyLoo Thanks this.
  4. Aug 4, 2018 #53
    LillyLoo

    LillyLoo Light Load Member

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    Jun 29, 2018
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    Thanks.
     
    LillyLoo, Aug 4, 2018
    LillyLoo, Aug 4, 2018
    #53
  5. Aug 7, 2018 #54
    NYCNick

    NYCNick Light Load Member

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    Jul 24, 2018
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    Just make sure the truck itself is properly accounted for as a business asset, registered to the business, etc.

    This is actually not a terribly straightforward deal. It *should* be paid for out of the business, but you want to make sure the truck has been properly converted into the business as an asset. You want to confer with the accountant to be sure.
     
    NYCNick, Aug 7, 2018
    NYCNick, Aug 7, 2018
    #54
    LillyLoo Thanks this.
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