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Suppose I own a company. I am the only member of the company. I pay corporate taxes on the bills that my company emits to the customers. That's done.

If I want to use the money of the company for whatever thing unrelated to the company, do I need to also pay income taxes on it?

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    What kind of company is it? Is it a partnership? A C corp? An S corp? – David Schwartz Feb 12 at 5:21
  • The "unrelated thing" would probably be considered income to you. Say you have your company buy a private jet, which you then use for personal, non-business travel. The IRS would consider that income: conklindd.com/t-personaluseofcorporateaircraft.aspx – jamesqf Feb 12 at 19:54
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In the US, a single-member corporation is considered by the IRS as a pass-through entity. That means that the company income passes directly to you as your personal income. You pay personal income tax on whatever income the company generates for you.

  • Very useful. Thank you. Also wondering about other countries. – Curious money person Feb 12 at 5:48
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    @Jose There are about 190 countries — are you looking for an answer for each of them? – Mike Scott Feb 12 at 7:12
  • If the situation is different then yes. My guess is in many countries might be quite equivalent. That's what I want to figure out. – Curious money person Feb 12 at 8:55
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    ... and if the OP had a C-corp, your advice would have just got him into serious trouble with the IRS. How can you answer this question, without knowing the type of corporation the OP is actually running? – s1lv3r Feb 12 at 17:38

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