No. An individual and a business are completely two separate legal entities. You may be a director of the business and an employee at the same time, but you cannot combine your own account with the salaried accounts. When you transfer anything owned by you to the business, it will be treated as business property. Hence, separate accounts should be maintained for individuals and businesses. It is suggested to maintain separate bank accounts to ensure flexibility and transparency.
I am a salaried individual and also a Director in a family owned business. Can I account for transactions as an employee and as a Director in the same books of accounts?
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