I setup a Ltd company for a website i created. The website is not making any money

T

thebop

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Hi,

Looking for information please.

I setup a Ltd company for a website i created. The website is not making any money and won't make any for many years i reckon. I lodged €1000 into the company bank account when i first set it up but would now like to withdraw same to use for personal expenditure.

Can i just withdraw same by issuing a cheque to myself? Any risk in doing same?
 
Re: I setup a Ltd company for a website i created. The website is not making any mone

You might want to keep the money in the company for the moment to pay for your compliance costs over the next few years.
 
Need to take out the money to pay some bills. What compliance costs? Do you mean accountant Fees?
 
I presume leghorn means CRO compliance - e.g. preparing and filing accounts/returns and other CRO related documentation?
 
When setting up a limited company, most people have a very small share capital (2 x €1 shares). The cash injected into the company is usually treated as a loan to the company by its founder(s).

If this is the way you have done it, and if the company does not (and will not) need the money, there are no issues - go ahead and withdraw it.
 
You should seriously consider a voluntary winding-up of the company. Its not worth the hassle, cost and risk of maintaining a company if it is making little or no money.
 
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