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Invoices
01-24-2005, 07:25 PM
Post: #1
Invoices
I started a company back in September. I never really noticed until now that all the invoices I have got from my main supplier (who happens to be a good friend) are invoiced in my name instead of the company name. For accounts and tax purposes, do the invoices have to be in the company name?

Thanks for your help.
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01-24-2005, 07:46 PM
Post: #2
 
It should be for Company not for You.
Because the company has different legal entity.
And If you pay the same invoices it will be audit objection.

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01-24-2005, 09:30 PM
Post: #3
 
Hi,
If u are one of the Directors of the company then its alright...

Ace
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01-25-2005, 12:06 AM
Post: #4
 
Thanks for your responses.

Manni, It maybe OK to have them in my name but if anything went wrong would I not be liable for them?
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01-25-2005, 03:58 AM
Post: #5
 
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>
Thanks for your responses.

Manni, It maybe OK to have them in my name but if anything went wrong would I not be liable for them?


<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote> company is a legal entity, separate from its owner.In other words there is a a veil of incorporation btw a company and its Owners.But there are certain exceptions to this doctrine. And in some instances this veil is lifted. And the situation which u mentioned is on of this instances. Although the supplier is ur good friend, but if something goes wrong then u will b personally liable for it. I actually also studied a case, facts of which resembles this situation. I actually dont remember the name of the case, but i will post it as soon i will remember it.

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01-25-2005, 09:27 PM
Post: #6
 
nice to know SIR

something is missing
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01-26-2005, 05:12 AM
Post: #7
 
Hi,
Company is a seprate legal entity...
but in Pakistan in lot of conditions the limited liability of shareholders and directors becomes the unlimited liability...for an example if the company cannot meet its obligations in respect of income tax then the tax authorities can recover that liability from its directors and from the shareholders who have 10% or over shares in the company...

Ace
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