The best way to make drawings ?

Discussion in 'Accounting and Taxes' started by Lbvcjhks, Aug 18, 2011.

  1. Lbvcjhks

    Lbvcjhks
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    Hi all

    Just a quick question really. We have been running our partnership business for around 3 years now. We have an account that we have been transfering around 30% of the gross profit over each month.

    There is around 20K sitting in this account and we will be wanting to use this for our mortgage/ moving home.

    Can we simply take this out as a 'drawing' as we are a partnership or do we need to justify such a large transfer to our personal account ? We currently show a drawing of around 2k per month as salary.

    Any information greatly appreciated
     
  2. Peter Birganza

    Peter Birganza
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    Hi,
    You may use it as your drawing and there is no harm in it. Actually it is going to be use as personal for you and your partner so it can be drawn as drawings.
     

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