On 5/31/2017 10:58 PM, John R. Sowden wrote:
Couple of thoughts:
A company cannot buy itself. If this is a sole proprietorship, the OP
could take funds out to pay the note from an owner's draw account.
Perhaps we need to discuss "what jurisdiction"? But in all the ones in
which I have ever kept books, they can. At least in the sense being
described here.
Some of the organizations for which I keep books have a "business"
credit card account (various people in the organizations authorized to
use their cards for organizational purchases; I as treasurer get a joint
statement and pay the balance (from the organizational bank account).
That's a simple example. But for others ....
A company might have a mortgage (or other secured loan)
A company might have a line of credit.
But in terms of a more direct example of "buying itself", a corporation
can buy back some of its outstanding stock.
Michael D Novack
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