I have purchased acreage in my company name that currently has no dwelling. However I do intend to construct a house to reside in the future. I am the sole director of the company.
A couple of questions:
1. Should I wish to borrow the funds for the construction, would a bank lend for the construction of the dwelling under my personal name or would the loan need to be in the company?
2. Would I have to pay my company any rent? or
3. Would there be any tax implications should I live on my company owned property
4. Can I reside on the property with my company paying the expenses?
Matthew
A couple of questions:
1. Should I wish to borrow the funds for the construction, would a bank lend for the construction of the dwelling under my personal name or would the loan need to be in the company?
2. Would I have to pay my company any rent? or
3. Would there be any tax implications should I live on my company owned property
4. Can I reside on the property with my company paying the expenses?
Matthew