Income/Funds of Pvt. Ltd.
if we have a company (pvt ltd) and make profit of 1 crore and give salary to 2 directors (5 lakh each). so my questions are:
- what happens with funds of 1 crore in bank account?
- if needed can that 1 crore be used by any director personal purpose? with permission of course.
- are there any strict limitations related to usage of company funds?
please answer and help, thanks a lot.