I work for a small firm with under 15 employees. My current boss bought his partner out recently and now spends the company funds like it’s his personal bank account.

I understand that he is entitled to any amount being the sole owner, but currently, our staff is scrambling for work, he took a loan out to buy his partner out, has a Small Business loan to pay off and a maxed out line of credit. We no longer have a cushion to rely on. He recently sold all of his personal vehicles and purchased all new vehicles through the company for family members who do not work for our company. He hired a PA who is cleaning his home and carting his kids to all of their apts. The PA uses a company card for family groceries, fuel and the PA received a new vehicle as well. Their vacations and home expenses go through the company and he provided no receipts or documentation for his spending. Being the book keeper, I am at a loss. I am scared to question his spending bk I know what happened with his partner when they questioned everything.

This guy collects a weekly salary and already is doubled his draws from the company’s funding this year.

It just seems very selfish & irresponsible as a business owner. Won’t he get audited?

I was directed by our accountant to put all of his unrelated business spending under his disbursements, I have but I know when they get hit with a big personal tax bill, our company pays that tax bill anyways, isn’t this fraudulent? Embezzlement even? When their are no receipts backing up their spending habits? Nothing linked to the actual company itself?

We are now just getting by. We put money aside for holiday bonuses and he had the nerve to ask me if there was going to be enough for him to take a draw as well, I mean really? You have spent so much already, our budget went out the window back in March. I am just really frustrated to say the least. I am the only one who knows about this, none of the staff is aware that we are not in a good place. Currently spending more than we are bringing in.

When our other boss left, (the partner) they had been in business for almost 20 years. He was the responsible numbers guy. He told some of us that our company would not last much longer, and that they had to file bankruptcy in the past due to the poor spending habits.

Even worse, our boss is never present or consistent. We are all busting our asses and he has not worked a full week in over a year. He just asked the staff to research marketing strategies to bring in more work. That’s his job!!!

What do I do?

Thank you

  • 3
    What's your goal here? Sure, your boss sounds like a bit of an idiot but it doesn't sound like anything is going to change. Nov 6, 2021 at 12:46
  • 4
    Are you brushing up your CV? Telling your colleagues to do so as well?
    – Solar Mike
    Nov 6, 2021 at 13:02
  • 1
    Yes- updating my resumes & having a plan B, sounds like the appropriate thing to do at this point. That’s a no brainer.
    – Livenow75
    Nov 6, 2021 at 13:13
  • 1
    You need to start looking for another job. And to be honest, if you have friends at the company, you may want to give them a heads up. Nov 6, 2021 at 13:15
  • 2
    Being the sole owner doesn’t mean he can do what he wants. Any money he takes that is not a business expense is salary paid to him, which needs to be taxed. And if he takes so much money out that the company cannot pay its expenses, then he will be personally responsible for that, even with a limited company.
    – gnasher729
    Nov 7, 2021 at 18:03

1 Answer 1


What do I do?

Look for a new job.

Your bosses irresponsible spending is up to him, but obviously doesn't bode well for your job stability.

The plus side is that you can see the end coming and take steps to find alternative employment.

  • This. And make sure your ass is very well covered before you leave just in case IRS comes after him Nov 9, 2021 at 10:17

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