can we use business's vehicle (car) for personal use in sole proprietorship??
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Quick Summary
As a sole proprietor, using a business vehicle for personal use is generally not permissible. Expenses like depreciation and repairs associated with personal use cannot be claimed against business profits. Similarly, purchasing a building with business funds and using it personally is a violation, as assets on the balance sheet must be for business purposes to claim depreciation. It's crucial to maintain a clear distinction between personal and business expenses.