Loaning money to my own company?
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munroe
Apprentice
Joined: 04 May 2006
Posts: 9
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 Posted: 08/18/08 - 09:56 Post subject: |
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| I have recently started a new business. It is my first company, and it is a retail business. I really do not have too much experience and I would like everything to be simply perfect. Are there some success factors in improving business? If anyone could give me any information, that would be great. Thanks in advance. |
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marmaduke
Apprentice
Joined: 28 Sep 2005
Posts: 9
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| Posted: 09/12/08 - 21:33 Post subject: |
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| Starting any business is very risky and you have to be very patient and to have some luck if you want to be successful. When it comes to your dilemma, I can tell you that being in a limited company is better in my experience. Now, if you want to loan money to your company, that can happen, it can even work in favor, but only if you do it within legal limits. Namely, since you are the owner, you can set interest rates for return yourself, but you must not set it too high or too low, as it can be deemed illegal. Treat it like any other loan you would make, and everything will be fine. |
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