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Hi mike in one of the f4 videos you mention that companies may purchase property from directors as opposed to in a partnership where this would not happen however I Am also studying p1 and if I recall correctly we are told,that a director should not sell personal property to the company. Have I misunderstood or,mixed something up along the way? Thank you.
No, you’re correct (ish)
Companies should not buy from or sell to a director any property without first getting shareholders’ approval at a general meeting
This applies only to “substantial property transactions”
I’m not sure that you’ve quoted the partnership bit correctly – I don’t recall ever having said that – except maybe to emphasise that a partnership does not exist as a separate entity.
It would be “normal” for partners to bring in property of their own but that property remains the property of the introducing partner
On dissolution of the firm the property owning partner will take back possession of that property
That’s probably what I was saying
Does that fit in with your recollection?
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