I am shareholder and director in a Private Limited Company that I inherited recently. In reviewing the balance sheets it has loans from 2 individuals. They used to be shareholders in the company few months ago ago. The loans will continue as company has no funds. The question I have is that
1- Is there any issue if these loans continue on books of the company ?
2- Can a distant relative provide loan to Private Limited company?
3- Can this become an issue at any time or I should not be concerned about it?
Thank you for any guidance on this forum.
CAclubindia
