In being a separate legal entity, a company needs to have its own bank account, and the funds in that account belong to the company. Helen Thornley, technical officer at the Association of Taxation Technicians says, “A company is owned by the shareholders and run by directors.” Even so, she reminds us that “the assets of a company belong to the company, and director-shareholders are not allowed to use the company account as their personal piggy bank, even if they own 100% of the shares…
Read the Business Beat column here
