| Buying property under individual or company name? |
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Firixis
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| Buying property under individual or company name? |
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My boss has 2 Company which is residing in the same office space. Company B is shifting out to their own space and my boss is interested to buy the office space.
My question is, should the property be bought under individual name and rent to the Company or should be bought under Company A name and rent to Company B?
What is the implications?
Thanks!
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Mon Apr 25, 2011 10:49 am |
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Firixis
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Location: Singapore
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Thanks for your reply.
Yes, i mean bought and owned personally by Company's owner.
Co.A & Co.B is 2 separate entity in the eyes of the law.
So far, what i can think of is that..
Under Individual - Adding the rental income to the income tax, most probably will hit the highest tax bracket which will be higher than coporate tax of 17%.
Under corporate -Co books will look better with a property in the FS. Issue is valuation of property. If decrease, the impact will reflect badly on the FS.
Have yet go through on the property tax..
What do you think?
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Tue Apr 26, 2011 2:59 am |
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daisygate
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In today's tough real estate market, the Internet is playing a huge role in the buying and selling of real estate and is an almost limitless source of real estate information. However, it does not replace the experience and knowledge of an experienced real estate professional.
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Tue Apr 26, 2011 11:27 am |
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terrancebrandt
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It would be best that you get some professional advice on this one. Realty tax and laws generally differs from state to state. And you would also get a quick answer in person.
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Wed Apr 27, 2011 2:24 pm |
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yandy369
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| different |
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Tax and laws generally differs from state to state. 
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Wed Apr 27, 2011 6:16 pm |
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Firixis
New Member
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Thanks all for your reply.
Was hoping i can meet adviser from my country 
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Thu Apr 28, 2011 10:07 am |
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ChantellWilson
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Income Tax law permits u to claim depreciation on the assets even if they are purchased in ur name if u r running the business in proprietorship provided the assets r shown in your balance sheet under the head 'fixed assets'. I don't have any circular etc to help u in this regard but u can legally pass the entry in your books. In order to convince your investors u can mention in the purchase deed of the property that u'll be using this property in ur business which is in XYZ name. unlike company, under proprietorship business their is no diff between ur name and the name of ur business, ur liability is unlimited & u r personally liable. The best example is when u file ur ITR, u file it in ur name and not in the name of ur business with the PAN allotted in ur name. The assessment is also done in ur name and not in the name of ur proprietary business.
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Mon Oct 17, 2011 5:16 pm |
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globaldoc2001
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The best person to answer that would actually be a financial specialist of your country. Yours is not really a very complicated situation. However, a person with the fullest knowledge of the situation is where you will need.
Business Tax Filing
Debt Consolidation Companies
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Fri Oct 21, 2011 6:25 pm |
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MikeMiks
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Location: Salt Lake City, Utah
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The best thing to do in that confusing situation is to seek legal advices from experts who have broad knowledge dealing in that such kind of situation.
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Sat Oct 22, 2011 9:33 am |
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hyiptop_com
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How much per m2? And where it located please?
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Mon Oct 24, 2011 12:44 pm |
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globaldoc2001
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Rates of tax differ from one place to another. Policies also differ. I think it will be best to consult your accountant for this matter. As for me, I think if I were in your position, I would try to know the difference of rates of taxes for personal property and for company owned properties. From there I will decide. But still, I would consult my accountant for this.
Business Tax Filing
Debt Consolidation Companies
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Mon Oct 24, 2011 12:52 pm |
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sabrinataylor83
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must see geboon.com to learn more...
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Tue Nov 01, 2011 7:23 pm |
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