18 USC ss8 seems like all obligations are to be paid by the US Treasury

@@ElWisdom Elaborate what the code refrains too or what it limits?

That's the way I understand it too. If you take advantage of a low interest rate credit card to make a large personal expense and then categorize it as a personal expense you've effectively separated your personal expenses from your business expenses.

It can also be used to pierce the corporate veil. Someone trying to sue your company might try to claim that your LLC is in name only and is not a separate legal entity from yourself because you freely mingle your personal and business transactions. Therefore, they can come after your personal assets as well as the company’s assets.

@@kesayo it's harder than you think to combine both liabilities (personal and business) just by using a credit cards. Lots of businesses are home based. That doesn't combine veil either. The transactional evidence needs to be more. Hopefully your small business isn't causing transaction problems that your personal assets valuation are needed to cover business expenses. If so - you definitely need to reevaluate your business and management skills. A good way of doing so is by looking at your Experian Business stability risk rating. If it's greater than 3 you might want a different SIC code or business. Bottom line, businesses get sued, your company should be able to cover its expenses (insurance / cash on hand). Business Management 101 know the nature of your business. Again if you categorize your personal expenses from your business expenses doing taxes your safe. Nearly using the wrong credit card or checking account isn't enough.

I agree with you. However when I had complained to a CPA that I was doing bookkeeping for my ex-coworker and she was writing all sorts of personal expenses in her business and asked this CPA for advice on how to handle it, the CPA told me ultimately this coworker was responsible for her actions because she knew full well what she was doing and doing it with a smile on her face. I don’t personally agree with people doing it and the moment I catch a business owner client pulling this like this, I say BYE BYE contract terminated.

Are you using accounting software? Don’t use excel to track your costs-it’s not double entry bookkeeping. On the personal transactions charged, book them to owner distribution equity GL account. On the payment from your personal checking account to the business credit card, book them to owner contribution equity GL account. Both are balance sheet accounts so they don’t affect your profit loss report. Another option is to create an account called “loan due to / from blezz3d” and this account can be a liability account. You can dump your personal charges and payments into here. You can use this to keep track how much you owe the business and make sure the payments you make cancel each other to net out to $0 in the end. This is also a balance sheet account so it doesn’t affect your profit loss report either.

I’m taking clients. Annie@annieyangfinancial.com

I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don't know who agrees with me but either way I recommend either real estate or crypto and stocks.

I've always wanted to trade crypto but got confused with the fluctuations in price

*I traded with him, The profit are secured and over a 100% return on investment directly sent to your wallet.*

Wow, i've seen a lot of recommendation about Edward Jones, is he really that good.

When you hire a bookkeeper, you’re delegating. Your bookkeeper is going to assume every single expense on your business card is a business expense. Sure you can do it when you’re doing your own books because you know what you spent your money on and what was personal and what wasn’t. But will your bookkeeper know that? No. People want to form a business so they can walk away and become financially independent, otherwise it’s just another job, except you have 10+ bosses because every client becomes your boss. Once you have a team handling this kind of stuff, this isn’t going to fly. Imagine running a 200 team and you need to tell your bookkeeper every single day, hey I just bought this personal on my business card. What a waste of your precious time that could be spent on running the business better. Plus, the point of forming an LLC or Inc is to protect your personal assets in a lawsuit. Mingling personal and business? You are opening yourself up for trouble when the court wants docs. You can do what you want. Most people aren’t going to follow what I say. Only 1% of people actually looking to grow and scale their business up will see the true value and benefit in my advice here.

Probably youtuber/influencer. .if they film about it

a prostitute

A wrestler

That’s messy bookkeeping

@@AnnieMargaritaYang wouldn't you take a $750 paycheck to do some messy bookkeeping?

So I guess what I’m asking is, is this legal or not.

Its not illegal. Doesn’t matter what kind of credit card you are using to get reimbursed by your employer. What matters is how your bookkeeping is done for your LLC but you’re not doing bookkeeping anyway because youre doing it for reimbursement as an individual employee of a corporation.

Since it’s for your business I would charge the rent as business to keep track of it. But how much of that is deductible you need to ask a tax accountant.

Good one!! - though she was in real estate lol

@@AnnieMargaritaYang lol

Rappers / entertainment / performers too, no??

Hi Shanelle!

Cannot agree more. This is very unprofessional