How To Legally Take Money Out Of A Limited Company
July 28, 2022 ⚊ 1 Min read ⚊ Views 129 ⚊ BLOG
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.
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