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Is It legal for a business owner to purchase personal things with company money?

Even purchasing high priced items for friends and family. (home remodel $15,000 for one example) and then not have money for employees profit sharing contrubution? We are talking a corporation. I was under the impression the IRS would not approve of this.

If it is a corp. then he does not have the right to do it on his own.

No, of course not.

Only if he/she absolutely needs the item to increase their morale in or out the workplace, haha. It is absolutely, positively legal to purchase personal items with your company money if it is your company, who's to stop you? ;)

It depends how the business is structured. If it is a sole proprietorship or a partnership, they can do what they want with the money since they own the biz.

If it is a corporation or LLC, they need permission from the Board of Directors first.

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