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If someone accidentally uses the business (LLC) bank account for a personal expense, what does he/she need to do rectify the problem from a tax/legal perspective?

Is it as simple as having the person who made the mistake contribute that much money back into the business account, or is it more involved?

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I think if the error is discovered and the money repaid from personal funds before the tax return for that year is filed, there will be no problem. If it is discovered later than that, i am not sure.

  • Are there any legal references that you could point me to that confirm this? – pushkin Jan 14 at 14:57

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