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Anonymous
Let's say I own my own company. Am I legally allowed to take money out of my company, if there are other shareholders also?
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I think can take out the money in the form of loan for shareholder.
But if you are the director, I think you are not allow to do that
Iβm not sure too, im also interested~
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If you are a shareholder: Yes, you can borrow money from your company. This is subject to approval by the Board of Directors. Interest rates (if any) are up to the company to decide.
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If you are a director AND a shareholder: Yes, you can borrow money from your company. Any loans to you should specifically be made to you in your capacity as a shareholder, rather than as a director. This is subject to approval by the Board of Directors. Interest rates (if any) are up to the company to decide.
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If you are a director but NOT a shareholder: Generally no. There are only a narrow set of reasons where such loans are allowed - for example, loans to pay expenses necessary for the director to perform their directors' duties (e.g. loans for travel, accomodation, etc.).
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Here's a complete guide on how to make company loans to shareholders/directors: https://www.providecover.com/how-to-make-compan...