Use of company funds for personal needs

Use of company funds for personal needs

Question:
Hello!
Is it proper for the sole owner of the capital of the EOOD to transfer from the company's bank account to the company's personal/individual/ a certain amount of money as an advance/estimated/dividend for the current year 2023? Is it possible for the sole proprietor to use company funds and under what conditions?
Thanks in advance!

Answer:
Hello,
It is possible for a company owner to use company funds for personal in two ways:
- to distribute a dividend
- without distributing a dividend
In the case where no dividend is distributed, it is proper to declare a hidden profit distribution in the annual tax return.
We hope we have been helpful!
Greetings!