If some person has converted his business (which has been a proprietorship so far) to a pvt ltd company, and he has parked all of his funds in the company, can he withdraw some money from the company to meet his personal expenses (as director's loan?)
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Drawing by shareholders
Replies (3)
Quick Summary
No....
If he is director then He can Take Salary as Director Salary...
If he is director then He can Take Salary as Director Salary...
Agreed with Raja Sir
You can't bear personal expenses at company cost but claim salary or dividend or in any other form .
You can't bear personal expenses at company cost but claim salary or dividend or in any other form .
Percentage of share holding , personal expenses not to be charged to revenue account. In case there are such issues it's treated as perks.
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