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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
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Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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A company share flat companys only profit is from interest

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A company share flat company's only profit is from interest on accured maintenance funds and a small rental for a communications aerial on the building. Would the company be entitled to a non profit organisation for banking purposes?.

christhelawyer : HiWelcome to JustAnswer. My first response will follow shortly. Please feel free to follow up if anything is not clear
christhelawyer : The only way to get not for profit status would be to be a charity, and a share company for land like this would definitely not qualify. It is pretty black and white. If this is a company, and makes a profit, then tax follows.
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