I am an owner and director of a Private Limited Company.
Can I not use my personal funds in small amount sometimes for the goodness of my business or for its growth (like renewing hosting space and domain name etc.)?
Is it prohibited in accounting law and income tax law?
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Please advise
Replies (5)
Quick Summary
The company is in effect a separate “person or entity”. It is not you or yours to do what you like with. What the company can do is governed in its Articles and Memorandum of the company.
I am accountant in a proprietor firm what Will be entry of salary given to employee??
U can use ur personal funds for business growth and same should be treated as loan from directors in the company.
Hi bhaskar
make sure u give declaration that the money you are providing is your own fund and not borrowed amount
thanks
Mohit
8335093446
make sure u give declaration that the money you are providing is your own fund and not borrowed amount
thanks
Mohit
8335093446
Thank you so much for all of your replies. It means a lot to me. Thanks a lot.
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