Bank transfer EMI to EMI, small amount, which reference to use?
- Thread starter Sean Restling
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Why are you making the transfer? Type that in the box and make sure you have supporting documents just in case. I've seen people type something different thinking it will go through faster just for them to get bombarded with doc requests they couldn't comply with.
It's a company account (sole proprietorship) to personal account. I want to use the money for personal expenses, there is no document to provide for this except needing the money for personal reasons.
Then type that into the box. "Transfer to personal bank account" or "to personal account" is enough.
If its out of generated profits, you can say dividend or interim dividend. You may have to prepare a resolution in case supporting docs are requested.
In their second post, @Sean Restling writes that it's a sole proprietorship that holds the company account. Calling it dividends might just raise more questions than it answers. 😉
Because that will imply documentation, which I'd have to make up. I wrote transfer to personal account, we'll see..
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Because that will imply documentation, which I'd have to make up. I wrote transfer to personal account, we'll see..
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If you have power of attorney in both bodies, it is only natural to make such small agreements orally. Your books will show the balance.
And in case somebody really asks - you can always write 2 sentences.
Thats what I do in similar situations.
But surely, situations differ...
Because that will imply documentation, which I'd have to make up. I wrote transfer to personal account, we'll see..
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If you have power of attorney in both bodies, it is only natural to make such small agreements orally. Your books will show the balance.
And in case somebody really asks - you can always write 2 sentences.
Thats what I do in similar situations.
But surely, situations differ...
What do you mean by "sole ownership"? If you mean that you are the sole owner of a company, then of course it's normal to pay dividends. However, if you mean sole proprietorship, dividends don't make sense.
That's because dividends are paid to shareholders who hold shares of a corporation, typically following a resolution by the board of directors. A sole proprietorship is not a corporation nor does it have shares or a board of directors.
It's like getting in your car, driving to the supermarket, and claiming you got there by taking a jet. No, you didn't. But it's also not that big of a deal.︀ Most people will just disregard you as being a little weird.
That's because dividends are paid to shareholders who hold shares of a corporation, typically following a resolution by the board of directors. A sole proprietorship is not a corporation nor does it have shares or a board of directors.
It's like getting in your car, driving to the supermarket, and claiming you got there by taking a jet. No, you didn't. But it's also not that big of a deal.︀ Most people will just disregard you as being a little weird.
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