Concerned and confused

PINTACIDER

Hi all , have been discharged for a year now and have been asked to go into business with an already established Ltd co as a shareholder , would this put the company at a disadvantage ? , my main concerns are

1 - Would we be financially linked

2- Would this be detrimental if the company was to go for finance of any kind

3-When and if we applied for finance would they take shareholders into consideration or only the directors

If anyone could shed some light on this id be very grateful

Thanks as usual

Pinta

nervousmother

I dont think they normally take into account a shareholders financial status. Afterall how many shareholders do the big companies have?

They look at the limited company as a whole, as to what the profit/loss is of that company and how it may do in the future, they will look at a directors personal infomation espedcially if they are wanting the said directors to be personal guarantors..

nervousmother

Oh and be careful pintacider if you carry on drinking that stuff you will be BR again with the duty increase :-)

PINTACIDER

Thanks NM thats eased my mind a fraction , i was worried that i would be registered at company house , is that right ? . oh and tell me about the duty increase !! , not good for a fella with a liking of the wonderful golden bubbly sweet smooth crispness of . . im off for a pint lol

So_Sad_Angel

PINTACIDER wrote: »

, i was worried that i would be registered at company house , is that right ? . oh and tell me about the duty increase !! , not good for a fella with a liking of the wonderful golden bubbly sweet smooth crispness of . . im off for a pint lol

Hi Pinta...nice to see you hope you are well ....except for the cider duty rises of course

If you are intended to be a `key official` of this Ltd Co (Director/Co Sec) then you will be registered at Companies House. I used to do alot of Company House searches & they do list if that `key official` have had any `disqualifications` however if its personal BR then I`m not sure how far that information extends.

Certainly the account opening/finance procedures of the Banks includes a degree of ID&V (identification & verification) & that generally included a credit search....if its a Co with lots of key officials then the bank will have policy on how many they need to verify. It is a legal requirement for the banks to know their customers & so these checks have to be done.

If you were to give a personal guarantee then you would most certainly be credit searched.

If I were you I would have a chat with a friendly accountant. Much I think depends on your involvement & level of office that you intend to hold within the company .

Not sure that helped actually. Enjoy your cider.

Angiexx