V
vicar
Guest
Hi Guys,
Starting a business with a friend (partnership not Ltd Co.) We are both putting in an equal amount of money from our savings into a business account to start purchasing some stock. We have registered the name etc. What I want to know is how do we get the initial startup money back once (hopefully) the business starts to generate some dough. Is is taxed? how is is treated? Can we just write ourselves a cheque and treat it as retuen on startup costs?
Any help would be appreciated.
Thanks
V
Starting a business with a friend (partnership not Ltd Co.) We are both putting in an equal amount of money from our savings into a business account to start purchasing some stock. We have registered the name etc. What I want to know is how do we get the initial startup money back once (hopefully) the business starts to generate some dough. Is is taxed? how is is treated? Can we just write ourselves a cheque and treat it as retuen on startup costs?
Any help would be appreciated.
Thanks
V