I own an LLC (limited liability company) in Arizona, United States. More accurately, I am the sole member. I have no creditors, no investors, no board, no on else to worry about. This is federally taxed as a disregarded entity, and is not a non-profit.
Is it legal to spend company money, and use items spent with it it for personal use? For example, if I purchase a printer with company money (i.e. company bank/card), and intend to use it for company purpose(s), and I print something for my personal college, or something of that nature, is that legal? Or, buying 1,000ft of CAT6 (network cable), and cutting myself a cable for personal use? What about if I purchase an item with a company purpose, but later find it doesn't fulfill the purpose and use it for personal use, or transfer the property to myself or to a friend? Can I purchase an item, and the business excuse is "making an employee/person happy"? Am I "piercing the corporate veil"? Are there any tax considerations I have to consider?
It seems awkward, as there is a conflict-of-interest between myself and my company, as I both make decisions for it, and there is no check-and-balance.