Can an entrepreneur withdraw money to a personal card?
Posted: Thu Jan 23, 2025 4:54 am
According to the Letter of the Ministry of Finance No. 03-04-05/39905, an individual entrepreneur can use funds from a current account for his own needs if he has paid taxes and fees from them. In other words, an entrepreneur has the right to dispose of the money that remains after paying all mandatory payments at his own discretion.
However, the Central Bank of the Russian Federation notes that a current account can only be used to conduct business transactions that are directly related to the business. For example, to transfer salaries to employees or qatar telegram data advances to contractors. That is why an individual entrepreneur must withdraw money that he plans to spend on his needs to a personal account. If he pays for movie tickets or a vacation package with a business card, this will be considered a violation.
However, the Central Bank of the Russian Federation notes that a current account can only be used to conduct business transactions that are directly related to the business. For example, to transfer salaries to employees or qatar telegram data advances to contractors. That is why an individual entrepreneur must withdraw money that he plans to spend on his needs to a personal account. If he pays for movie tickets or a vacation package with a business card, this will be considered a violation.