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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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If you are a typical freelancer, that is an insane suggestion. What happens when you and your friend fall out? Or if one of you is earning and the other is on the bench?
Unless you are genuinely founding a joint venture consultancy, each get your own Ltd and a decent accountant. A cursory search will give you the usual recommendations of this board as to an accountant who will set it all up for you.