23 December 2016
dear all,
I wish to incorporate a private limited company,
I am taking my brother as a director because it's mandatory to have two directions in a private limited company...
if I have taken 90% and my brother has 10% share
when the company makes a profit of 1cr
and we directors are getting salary at a specific percentage... what happens to the remaining profit in the company's account..? can I use it for my personal uses...
24 December 2016
you can distribute the profit as dividend but not used the profit for personal purposes. however, on distribution of dividend, dividend distribution tax has to be paid
CAclubindia
