US Legal Forms
Agreements - Agreement Forms
Minutes of Meeting of the Directors regarding Bank Loan

Directors Loan To Company Written Off In Nassau

Category:

Loans and Lending - Minutes

State:

Multi-State

County:

Nassau

Control #:

US-00420BG

Format:

Instant download

Description

This form contains a resolution of the Board of Directors authorizing the refinancing of a loan of the corporation and names the officers of the corporation authorized to sign the loan documents.

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The write-off will be recorded as an expense in the company's accounts, but won't be allowable against profits for corporation tax purposes. The amount of loan written off will have to be included in the director's self-assessment tax return on a specific box on the 'additional information' pages.A directors loan account write off is a legal process through which a business formally acknowledges that a loan owed to (or from) a director cannot be repaid. A Director's Loan Account, or DLA, is an account that reports all transactions between the director and the company. One of my clients runs a small company and has had a directors loan outstanding for a while now the balance is about £9,000. Write off as a bad debt - file report with the credit bureau.

Directors Loan To Company Written Off In Nassau

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