Director's Loan Question

May 11, 2009
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I was originally a sole trader offering IT services and another sole trader and I have decided to set up a company together and amalgate our customers. We have very low need for wages (less than €500 per month each). However I have personal loans amounting to 33,000 and my partner owes 12,000. These monies were used a number of years ago to buy equipment and float our respective businesses while we were building our customer bases up.

My question is this: Is there a way to put a value on our customers and we sell them to the company i.e €33,000 and €12,000 so the company can just pay our loans directly rather than paying us the money as wages and then pay the loan companies?

My reasons for wanting to do this are:

1. It would be a lot easier to just pay the loans from the same account (company account)
2. I believe with the customers we have we will start making money over the coming months and if that is the case I would prefer not to be paying income tax on loan repayments the company is benifiting from.

I would really appreciate any help people could shed on this matter.


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