Legal Question in Business Law in Utah
car dealership set as partnership working towards LLC
Where can I find the laws pertaining to what is business money and what is personal money. Can a partner and his wife use the business account for all personal stuff (I.e. treat it like a joint account)
1 Answer from Attorneys
Re: car dealership set as partnership working towards LLC
It depends on the structure of the business. If it is a partnership, they cannot use partnership for personal expenses without any such payments being counted against their partnership draw. If the business is a corporation or LLC, they will lose their asset protection by doing so. It is never good business to mix personal and business funds, and should be a good warning that if your partner and his wife believe they can, you are going to have problems as long as you are together.
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