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Old 06-24-2017
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Question Limited Company + Stealth Accounts - Bookkeeping and Audits?

Hey guys,

I am wondering how do those who use stealth accounts with a Ltd. company do their accounting and yearly audits. I am a dropshipper, got a Hong Kong Limited company and my stealth account set up work as follows:

A. Legit business PayPal and big eBay account: sells products on eBay, buys vouchers to purchase products, withdraws profits monthly to business bank account.

B. Multiple stealth combos: sell products on eBay, buy vouchers to buy products, but never withdraw money from them. The vouchers are redeemed for products sold on the main account A.

Personally I only see two viable options for bookkeeping and audits:

1. Keep the stealths out from bookkeeping, so it will simply look like that the main PayPal is making more profit out from less sales and purchases of products. In this sense, it would look like my profit margins are higher than they really are but total profits will be the same. I think this would work, but most likely illegal to omit information from the audits like this..

2. Keep books for all PayPal accounts with the accountant and submit their info for the audits. However, I heard that this may cause significant problems with the audits if you give them PayPal invoices that are neither in your or your businesses name.

Any advice?
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Old 06-24-2017
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Default Re: Limited Company + Stealth Accounts - Bookkeeping and Audits?

Get an accountant or tax expert.

That said, declare everything for tax purposes, whatever name it is under. NOBODY overstates their income.

I don't know anything about the voucher thing, it may be specific to your country.
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