Company funds for personal use, but charge it out to personal income..illegal?

If you use company funds for personal use , BUT you charge it out to personal income, does that violate corporate law? (i.e. Using company credit card) Will the IRS penalize for it?

It is not stockholder company, I am the only stockholder.

You should NEVER treat company funds as if they were an ATM. Even if you account for every penny it's sloppy.

In the event of an audit, when the IRS sees such a mess, they will go through everything with a fine tooth comb. Closer scrutiny is bound to find income you forgot to report and expenses you can no longer prove belong to the business.....

DON'T commingle personal and corporate funds. You need to account separately for personal and corporate expenses, and you file separate returns. Even with a Subchapter S corporation you need to segregate your income and expenditure, at least on paper. And if your return should be pulled for examinatior or audit--BIG trouble.

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