THE PROPER WAY FOR DIRECTOR TO WITHDRAW FUNDS FROM COMPANY
September 13, 2024
bp-ast
6 Proper Ways For Director to Take Money From Company
1.Director Advance
A director’s early advance of funds to the company
Change to paid-up capital to strengthen the loan profile
2.Dividend
Distribution according to the share ratio
Dividend income is not taxable
3.Director Claim
The expenses which are related to the business:
Telephone expenses
Upkeep of Motor Vehicle
Fees of social events
4.Director Salary
Need to pay EPF,SOCSO,EIS and PCB
Prepare Director Resolution
5.Rental
Assets in the name of an individual (exp: properties/motor vehicle)
Pay rental to the director on time
6.Director Borrowing
Company interest is payable
A loan contract is signed between the company and the director