my husband and i are principals and the only shareholders in an S-corp. We have a second hand store which does consignment. Can we consign items at the store which are purchased with our personal funds?
Answer
Probably, but it depends on what you are doing specifically. If you are comingling business and personal funds, you run the high risk of losing your liability protection with the company. However, simply selling a few personal items in the store will not affect that.
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The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Answer
Possibly, depending on whether you keep your business and personal funds separate (discuss that with your CPA).
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