How do I take money out of a limited by guarantee company?

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My name is Connor Atkins, and I am doing my best to set up a limited by guarantee company online this week. First, I’ve got a pretty crucial question: how am I supposed to take money out of a limited by guarantee company? My company will be a not-for-profit, but I’ll still have salaries to pay. Are there any rules about how I take money out? And more importantly, how do I do it?

Answers

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Other than taking paying for business-related expenses, like running costs and staff wages, you can take money out of a limited by guarantee company as a director’s salary or a director’s loan. You will not be able to pay yourself tax-free dividends because your company does not have share capital.

a year ago
 

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