to buy or lease a company vehicle or use it to pay for rent if you work out of your house say if you have a home office?
what are the limitations of using corporate assets for things like that?
Posted by BuyTex on :
which money?
that in your pocket?
Limits? coporate assets? private debt?
Maybe Enron trials will help determine...
Posted by CashCowMoo on :
the money sold by the company in stock sales to raise capital for business operations. say the owner of the company needs a company car can he use proceeds from stock sales to buy it.
im not talking about cooking books like enron did.
Posted by BuyTex on :
i'm sorry, Ccow--surely you know the basics of corporate "perks"...no? the "richer" the company, the better the perks...
yes?
no?
Posted by Gordon Bennett on :
Try it and see what happens.
Posted by CashCowMoo on :
hey great idea gordon! actually i would never try it if i didnt know for sure what the outcome would be....not trying to go to jail!
Posted by BuyTex on :
c'mon, Ccow..what's your home-office idea?
Posted by CashCowMoo on :
its not a home office idea like herbalife or selling hair products.
its a midwestern based oil and natural gas company. i have my business plan almost completed and will eventually list...only on pinks though i cant afford anything more due to audit costs. im not trying to pull a CMKX type of deal...i actually have integrity unlike many of the sleezy CEOs you see around the pennies.
imi just trying to expand my knowledge bank about the subject of raising capital and what the limitations are.
many people work out of their home or a home office when starting out. in this field for the smaller energy companies you really dont need some fancy schmancy office that costs 5 grand a month....why not use a home for only 1200 a month.
and when going out to the field with a consulting geologist to survey a potential drill target sometimes you might be driving on fields, wooded dirt raods etc...thats why i was curious to know if you can use the sale of stock to purchase say a company truck to travel to drill sites.
just trying to make an honest living where i am not working in a cubicle and in a field i am happy with. given the higher costs of the energy sector the easiest way for me to raise capital would be to list.
nothing lavish just stuff i would need.
Posted by BuyTex on :
why would a home office cost $1,200 a month?
just asking, mind you...
cam you break that down?
Posted by CashCowMoo on :
say if i financed a home ...i moved to a location close to the operations of my business. i am going to incorporate in my home state where business will be conducted.
i am not about to incorporate through nevada just because i just dont believe going through that state after the type of white trash i have seen come out of there (no offense to state residents)
so what i am implying is if i used corporate funds to finance a home but it would be the office and home address of the company and is where all business will be conducted....business phone lines, fax, etc.....the only other place business would be conducted is in the field when surveying a potential target site.
Posted by BuyTex on :
home office = legal
ratio = sq footage compared to total house; you get a deduction
if corporate funds finance your personal dwelling ????
sure, it's done...why not be legal?
hell, i dunno, get an attorney--is this a real possibility?
Posted by CashCowMoo on :
i would hope it is a real possibility. i ask about this subject because i see it happening...mostly in the pinks or pennies just because usually the companies on there are not that well established or just too small for a nice office.
i mean...yeah i guess i would be using business funds to finance a place for me to sleep....TECHNICALLY.....but if i transform the whole basement into my office and that is my place of work then thats the gray area im trying to find out.
some companies you will find that the business address is actually a residential location...nothing wrong with that.
on the pinks you are allowed to sell stock in the amount of up to a maximum of 1,000,000 per year.....now how CMKX sold billions of shares per year and raised SO MUCH money i have no idea...they must have found a loophole because what i read said different.
i will probably have to speak with an attorney. someone PM me earlier and said he would ask his auditor tomorrow about it so hopefully i hear back from him soon on what he found out.
what do you do for work buytex??
Posted by CashCowMoo on :
how was CMKX able to sell hundreds of billions of shares within such a time frame to the amount of 703 billion? arent there restrictions on that regarding how much money can be raised annually by a pink?
Posted by glassman on :
CCM?
if you can? build a separate office w/separate electric meter/utilities etc...
biggest headaches are trying to demonstrate the differences between personal and biz expenses..
Posted by IWISHIHAD on :
You should talk to a "good" business tax lawyer or business accountant and pass your ideas through them, it will be worth the money.