My own corporation's stock
Anthony
gnucash at inbox.org
Wed Oct 21 22:42:42 EDT 2009
On Wed, Oct 21, 2009 at 6:58 AM, Don Quixote de la Mancha
<quixote at dulcineatech.com> wrote:
> I just incorporated my company, in California.
> There are two other members on the Board of Directors besides myself.
> I don't expect them to invest any of their own money into the company,
> but I do plan to pay them with some stock for being on the board.
> There is one other employee who is not a director, but whose labor
> will be paid for with stock.
>
> Because I didn't have a business checking account until today, I have
> been paying for business expenses out of my own personal funds. My
> plan is for those personal expenses to be repaid with some more stock.
> So... how do I account for all this in GnuCash?
Stop right now and go talk to a tax professional. You are creating a
huge mess and significant tax liabilities (for your corporation, for
yourself, for your fellow board members, and for your employee).
IAAA.
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