Hello everyone, We are a newly incorporated IT company and we do not hold any corporate credit card as if now. There are lots of expense in our business which are paid in USD using only credit card. for example purchase server space from Amazon. We use Directors personal credit card for all these expense and later on we pay the bill for the entire credit card. This may include some personal expense as well. My question, is it allow to do this practice or the personal expense of director paid by company will be treated as Loan to director. or Please suggest me how to overcome this problem. Thanks in advance. Looking for a prompt reply.
CAclubindia
