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Money transfer problem
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Blast Hardcheese RJ: Blast Hardcheese Post Rating: 0 + / - Total Posts: 24 Karma: 36 Joined: Apr 5, 2012 |
Posted on Apr 9, 2012 So I have about 192k cash in my company. But when I try to transfer it, it says NaN where the amount would be, and I can't transfer any!
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Asmeljir Alkavarion RJ: Asmeljir al-Kavarion Post Rating: 0 + / - Total Posts: 2 Karma: 10 Joined: Apr 5, 2012 |
Posted on Apr 9, 2012 I can't transfer money either, right now. I can transfer it -out- of my account, but not into. Can't buy stocks or anything.
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Nwabudike Morgan RJ: CEO Nwabudike Morgan CO: CEO Nwabudike Morgan Post Rating: 0 + / - Total Posts: 108 Karma: 344 Joined: Apr 4, 2012 |
Posted on Apr 9, 2012 You can't transfer money out of the company unless the company has cash in excess of its loans.
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Blast Hardcheese RJ: Blast Hardcheese Post Rating: 0 + / - Total Posts: 24 Karma: 36 Joined: Apr 5, 2012 |
Posted on Apr 9, 2012 Yes but isn't that just for public companies? Or private too? Because my company is private.
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Asmeljir Alkavarion RJ: Asmeljir al-Kavarion Post Rating: 0 + / - Total Posts: 2 Karma: 10 Joined: Apr 5, 2012 |
Posted on Apr 9, 2012 Must be for private companies too, since mine's private. "May not be able to transfer money if your company has a loan" wasn't clear enough for me to draw this conclusion. Thanks for the help!
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Scott (Admin) RJ: Ratan Joyce CO: Ratan Joyce Post Rating: 0 + / - Total Posts: 1175 Karma: 5083 Joined: Jan 13, 2012 |
Posted on Apr 10, 2012 The reason is:Originally I was able to start a huge new company, transfer all funds into it, get an appraisal for immediate networth refresh, take a huge loan, transfer all money out of it. Start another company, repeat. and soon I was sitting in oceans of cash. |
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David Newell RJ: Vincent Thaster Post Rating: 0 + / - Total Posts: 11 Karma: 121 Joined: Mar 9, 2012 |
Posted on Apr 11, 2012 Ah this kinda sucks i was getting loans to buy stocks and selling then using the money to pay off the loans. It was a valid strategy that helped me to build my company. Is there any way we can get personal loans then? I mean it certainly would make sense that you can get personal loans based on your net worth. I know The method I was using could be abused as you pointed out but it does kinda suck to find out a valid strategy is getting messed up due to this.
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Aaron Barr RJ: Aaron Barr Post Rating: 0 + / - Total Posts: 8 Karma: 52 Joined: Apr 4, 2012 |
Posted on Apr 11, 2012 Buying stock on margin is certainly a real world strategy, but the rules governing such accounts/purchases are far more complicated than currently possible here. (no margin calls, ect.) Personally I'm a little skeptical of such strategies here since it seems like an easy way to circumvent setting up a profitable small company focused on growth, when you can just throw down 50 million dollars after some "lucky" stock picks. I think we've seen what insider trading is capable of around here, which is again why there are very strict real world laws governing such transactions.
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Scott (Admin) RJ: Ratan Joyce CO: Ratan Joyce Post Rating: 0 + / - Total Posts: 1175 Karma: 5083 Joined: Jan 13, 2012 |
Posted on Apr 11, 2012 Personal loans are certainly possible in the future, but not any time soon.You have to realize how complicated the situation can be after putting in a "reset account" function. |
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