Hello all,
I want to ask about transferring cash from personal bank account to business bank account. How should one do it? Should i merely transfer cash from one account to another or is there any other formality? If i transfer the cash, should i put any reference? I read that this will be called directors loan? So do i have to make a separate agreement every time i transfer cash. For instance If i transfer 5k this month and 15k after three months and so on, how do i record it? Should I just transfer the cash and put this entry in the accounts at the end of the year or is there something i need to do every time before transferring the funds? Basically how do one transfer funds to the business account in parts and what is the formality involved? Thank you.
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