LLP to Limited company

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Hello,

Sorry I am completely new to this and after a quick answer, dont judge if my questions are stupid haha.

My client was in a partnership up to a couple of months ago, he has decided to open up a limited company. 

The money which is in his partnership business bank account - can he withdraw this and put it straight into his new limited company as a directors loan?

Will he pay tax on the money from withdrawing it from the partnership?

I suppose how does he stand and what is the best option for my client?

Thank you 

Replies (5)

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Portia profile image
By Portia Nina Levin
17th Oct 2018 16:25

The best option for your client is probably to appoint an accountant.

Thanks (2)
ALISK
By atleastisoundknowledgable...
17th Oct 2018 17:28

1. Ok.
2. Yes.
3. No.
4. See PNL

Thanks (0)
Replying to atleastisoundknowledgable...:
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By Tax Dragon
19th Oct 2018 09:16

I'm adding nothing to the thread. How could I? Yours is the complete answer. I just wanted to congratulate you on it.

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panda ketteringUK
By ketteringUK
17th Oct 2018 20:17

shocking....

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RLI
By lionofludesch
19th Oct 2018 09:50

How is it "his" partnership bank account ?

Is he schizophrenic or summat ?

Thanks (0)