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You and the company are separate entities. Let’s say your company has a printer. If that printer as a used printer is worth $500 then the company can’t give it to you for free or sell it for less than the value, or it will be tax evasion. The company’s profits are lower than they should be, and your wallet contains more money than it should. The only legal ...


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Given that the company is entirely your property, you can do what you like with it and it's assets. However there are likely to be tax implications; the IRS takes a dim view of people claiming that something is wholly a business asset when in reality it is used for private purposes as well. You will probably have to apportion use between private and company ...


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This is tricky. Quite clearly, if you are given a gift, you can keep it. The question is: What exactly is the gift you received? I might have borrowed £500 from my bank to buy a £500 tablet to give you as a gift. I have to repay the loan, but that’s my problem. The tablet is yours, the loan is between me and my bank. I might have signed a contract where I ...


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