Quick Answer: Can You Embezzle From Your Own Company?

Yes, one can embezzle money from one’s own company.

Indeed that is often the case.

However, embezzlement requires intent, which you didn’t have.

Make this a loan from your company to you.

Can you use company money for personal use?

It’s not always illegal to use company funds for personal purposes. It is possible to use company funds for personal purposes, but doing so requires the following parties either authorize it or are not defrauded by it: Tax authorities (IRS, state government, etc.)

Can a business partner be charged with embezzlement?

Pursuing Embezzlement Charges

You can file a criminal complaint against your business partner for embezzlement. According to FindLaw, embezzlement is generally defined as “theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets.”

What is it called when someone steals money from a company?

Embezzlement occurs when someone steals or misappropriates money or property from an employer, business partner, or another person who trusted the embezzler with the asset. Embezzlement is different from fraud or larceny (theft).

How do you record personal money into a business?

The seven steps to putting personal money into a business are:

  • Make Sure You Have Separate Bank Accounts.
  • Fund Your Business Bank Account.
  • Record Your Money as Either a Loan or Equity.
  • Debit the Cash Account.
  • Credit the Capital Account.
  • Reconcile the Amount of the Deposit to Your Cash Balance.