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Updated almost 7 years ago on . Most recent reply presented by

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Llewelyn A.
  • Investor / Broker
  • Brooklyn, NY
1,744
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665
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How to Handle Cell Phone Expenses to NOT Pierce the Corp Veil

Llewelyn A.
  • Investor / Broker
  • Brooklyn, NY
Posted

I have about 2 LLCs (A Real Estate Brokerage Firm and an LLC which holds a multi-Family building) as well as an S-Corp which makes Software.

I don't expense my Cell phone, but I use it a LOT for business.

The Cell Phone is also part of a family plan with several of my Family members part of the plan.

I REALLY don't want to start a whole new business cell phone line with a new cell phone and have to carry around 2 cell phones.

What do Investors do when it comes to this kind of situation and they want to expense things which are entirely common like the use of a Cell phone.

In my case, I have 3 different entities as well as 5 other multi-family properties held personally.

I certainly don't want to have any of my Entity's Veil's Pierce because I took an expense that wasn't SOLELY business.

Any advice would be appreciated!

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