Legal Question in Business Law in Maryland
business credit card question
Is there any reason I can�t pay a consulting fee from one of my companies to the other with my business credit card. Then use the revenue to make real estate investments. I own both companies. Thank You.
Asked on 12/18/06, 10:48 pm
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
Re: business credit card question
You can certainly move funds between the two companies. If you are trying to qualify for financing and want to do this to create a false impression of income for the recipient company, that could be viewed as fraud and a violation of federal criminal law, depending on who the lender is.
Answered on 12/26/06, 11:18 am
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