Infuse Capital into my start-up
I jointly own a Private limited company (Registered in June 2020) with 2 Directors(including myself) with equal (50%) shares in the company with Authorized and Paid-up capital of Rs. 1,00,000/- each. We want to infuse capital of Rs. 15 lakhs (approx.) in the company (Rs. 7.5 lakhs by each Director). These funds are borrowed from our respective banks on our personal capacity and not by the company, since its very difficult to get finance from Banks for a startup in COVID times. Therefore, I want to know how we can infuse borrowed capital into our company as I understand a Director has to give declaration that, 'that amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others'. So can we increase the Authorized capital to day Rs. 15 lakhs and infuse the capital into the company? Are there any other legitimate ways of infusing capital into our company, Please advise.
Asked 1 month ago in Corporate Tax
We are a trader of Fresh fruits & vegetables. The purpose of infusion is to buy Vegetables in (Bulk > 20+tonnes) and export it overseas.
Asked 1 month ago