How to Legally take money out of a limited company?
You may imagine that once you've set up your limited business, you may use the profits as you want. After all, it's your firm. Directors that take a 'what's yours is mine' approach to company profitability could get in trouble. Using corporate funds for personal expenses is illegal. Firms House incorporation makes limited companies legal entities. The firm owns its assets and income, not the business owner. You can't withdraw money from the business like a sole proprietor, whose personal and business assets are the same. AccoTech is of the opinion that best tax planning should not be confined to the closing of the books; rather, it should be utilised throughout the long period in order to achieve the overall objectives of tax planning. Our tax experts are here to assist you in formulating strategies for a brighter future and carrying those strategies out in an efficient manner so that they can become a reality. A limited corporation can only withdraw money in ...