Company finances
Summary
The top section of the company finances page provides a summary of finances for your managerial account and also your companies.
- Withdraw Take it from your companies and add it to your managerial account. You may not withdraw any loans which the company holds.
- Deposit Invest in a company using money from your managerial account. You can invest as much money as you like from your personal fortune, as long as it does not take your account into debt.
Loans
- Interest on loan is 10% (simple interest) per 52 weeks. The repayment term on initial loans is also 52 weeks.
- If there are insufficient funds in the business account to make repayments, they will be paid out of your own managerial account.
- If there are insufficient funds in your managerial account, the company will be put up for sale.
- If the company receives no bids after 1 week, company debts are transfered to your managerial account.
- If that puts your managerial account into debt, you will have 10 days to get out of debt or your account will be changed to a basic user status. Click here for more details on this situation.
Repaying Loans
Each week, your company will have to repay a percentage of your initial loan. There are two different numbers involved;
- Weekly repayment. The amount you pay each week.
- Weekly debt reduction. The amount that the debt reduces each week.
If you take out a $50,000 loan, the weekly repayment will be $1,057.69 and the amount of debt being paid off each week will be $961,54. The difference between these numbers is the interest charged on the loan.
Early repayments
You may make extra repayments at any time. This will reduce the time it takes to repay your loan and will in turn reduce the total interest you have to pay.
Company breakdown
The main part of this page will be a company by company breakdown of finances. It is all self expanatory, detailing income and expenses for this week and over the life of the business.
- Withdrawable - This is the company's available funds, minus any outstanding loan amount. So if your company available finances is 10,000 and you have 4,000 loan, your withdrawable would be $6000. This is the amount you are able to take out of your company balance and transfer to your manager account. If this number is negative, it means you cannot withdraw any money from the account, as you still need to pay off the loan.
