My husband & I have used our company bank account for personal expenses a handful of times. I recently learned from our CPA that is illegal & not a good idea. Got it! Totally cool.
Now- what do I do about the transactions we've already made? Should I label them owner's draws/distributions?
Is it a good idea to reimburse the company out of our personal bank account in case we were to get audited in the future?
Solved! Go to Solution.