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Director on the side...

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Comments

  • I've just noticed that your locations is 'Cyprus/UK'. If part of your income from the ltd company is from the EU, you will need to complete EC Sales lists too. You've got a lot of homework to do!! But don't despair - this time last year I knew nothing of these things either - but there are people out there to help.
    No longer a spouse, or trailing, but MSE won't allow me to change my username...
  • Wywth
    Wywth Posts: 5,079 Forumite
    edited 5 August 2012 at 12:18PM
    I would beg to disagree with the above post. She can of course take a salary - providing she actually does work for the company, and actually gets paid - but she doesn't need to be a director to do this. If she's a director, she'll be paid a dividend, which might be more tax efficient...

    Keep begging, but directors are not paid dividends.
    Shareholders may receive dividends, but never directors (unless they are also a shareholder).

    Directors are approinted to run a company on behalf of the owners/shareholders.

    Usually where a company has more than one director, one is appointed a Managing Director (or in the case of larger corporations, two, a Chaiman and Chief Operating Officer whose roles are defined) who can have the final say in any board level discussions.
  • trailingspouse
    trailingspouse Posts: 4,042 Forumite
    Part of the Furniture 1,000 Posts
    Fairplay to you Wywth - we're both directors and shareholders. It's likely that the OP and his partner would have the same arrangement. But thank you for making the distinction.
    No longer a spouse, or trailing, but MSE won't allow me to change my username...
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