Capital Accounts

woobabe
woobabe Registered Posts: 35 ? ? ?
Please can someone help?
If partners all put into the business the same amount of cash, which is recorded on the B/S.
Are they able to withdraw this at any time they wish? and would they be taxed on this?

Comments

  • Scalloway
    Scalloway Registered Posts: 10 Regular contributor ⭐ ? ⭐
    Yes they can withdraw the money at any time, subject to funds being available. As it is their own money there is no tax on it.
  • PGM
    PGM Registered Posts: 1,954
    Only other thing to note is if they have any contracts drawn up between each other for use of reserves.
  • woobabe
    woobabe Registered Posts: 35 ? ? ?
    Thank You! That is what I thought, but just wanted to check.
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