update and lateUpdate function

i know update is used for basic call and LateUpdate is for the physics side of the game does this mean I should use both in the same script or run it all in lateUpdaate when I need lateupdate. I guess what I am asking is it ok and is there any draw backs by doing so to use both in the same script?

Actually, I believe FixedUpdate is for physics. LateUpdate is just executed after Update.