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Post Info TOPIC: Loans to a new partnership
minerbog


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Loans to a new partnership
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Hi Everyone,

I am just about to enter into a partnership where both partners are putting in to the business £3000 cash.

My question is this:

When I have run limited companies before, any money you put in was allocated against the directors loan account. When the company had made profit and all CT had been paid you could pay back the DL account without the director pay personal tax on it.

Is this the same with a partnership because there is technically no separate entity as the partners already own it.

Many Thanks,

 

Gavin.



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Wella


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Posts: 2256
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Hi Gavin

Basically, yes.

I set up capital accounts for each partner (capital b/f, capital introduced, and drawings)

HTH

Bill



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