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Originally Posted by academic
Hi,
I am moving into contracting world. Have two options , start my own Limited or join with a friend of mine as director( he doesn't have one , we want to register it together). I understood from this post that HMRC targets composite companies than own Limited companies.
When is a company called as composite ?? When my self and my friend start a company and we both are directors , is that called a composite.?? Or a group of people...
My wife will be secretary & his wife as another employee..
I want to take a decision based on your opinion.
Thansk in advance for your answers.
Thanks,
Academic
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Never take a decison based on our opinion. Get professional advice!
That would not be a composite company, well certainly not one big enough to attract HMRC attention. They are after the people like 1stcontact who just register stupid comapny names and fill them with punters.
Also never mix business and pleasure. I'd register them as 2 seperate Ltd companies unless you are working together. If you are working on seperate things then its probably not the best idea. I keep all of my money well away from friends, it has a nast y habit of making people act crazy.