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#1751353 - 10/23/12 01:25 PM CTR Benefactor on Cash Withdrawl from Business
mdog76 Offline
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Joined: Jan 2007
Posts: 645
Who should be the listed benefactor if the owner of a business makes a cash withdrawl from the business account, the business owner that left with the money or the business?

Thanks

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#1751365 - 10/23/12 01:48 PM Re: CTR Benefactor on Cash Withdrawl from Business mdog76
mdog76 Offline
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Joined: Jan 2007
Posts: 645
Think I found it.

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#1751388 - 10/23/12 02:15 PM Re: CTR Benefactor on Cash Withdrawl from Business mdog76
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,858
Cape Cod
The only way to know how to complete the CTR is to ask the owner whether the withdrawal is for the use of the business or for the owner's personal use. An example of the former is a withdrawal to be used by the business to replenish the cash "till" balance held by the business; of the latter, the owner's "draw" from the business for his/her own use (a return of capital, for example).
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John S. Burnett
BankersOnline.com
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