Im currently towards the end of "How to get rich" by Felix Dennis and I'm curious as to what he is trying to teach in this chapter. I will quote some lines as to give the best idea of what I am referring to
"I'd like to talk a little about company money, personal money, and keeping on the straight and narrow." " He is breaking the rules and breaking the law by having the company pay for everything and not declaring a benefit in kind." "If you find other ways of moving the company's money into your own pocket without reporting the movement or using a company asset for your personal life, you're almost certainly milking the cow in a way that is not permitted."
I think he is referring to all of this in the state that the company is public, and therefore taking money from a company that is public is illegal as you must report all transactions to the irs. I am still unclear because I thought one of benefits of owning a company was to have the company own everything, and you own nothing, while reaping the rewards.
Please add your input. Thanks!
"I'd like to talk a little about company money, personal money, and keeping on the straight and narrow." " He is breaking the rules and breaking the law by having the company pay for everything and not declaring a benefit in kind." "If you find other ways of moving the company's money into your own pocket without reporting the movement or using a company asset for your personal life, you're almost certainly milking the cow in a way that is not permitted."
I think he is referring to all of this in the state that the company is public, and therefore taking money from a company that is public is illegal as you must report all transactions to the irs. I am still unclear because I thought one of benefits of owning a company was to have the company own everything, and you own nothing, while reaping the rewards.
Please add your input. Thanks!
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