impact of being director of 2 companies?

[Contr8ct0r]

Hi there,

I would like some advice of being director of a second company. A move that I may do in the near future.

Currently, I am contracting for a bank, and I am the sole contractor of my limited company. I may become a director for a second company, a CIC (Community of Interest Company) which doesn't compete with my main ltd. I am not sure from a compliance point of view, how the client may take it?

I am not sure if there is any issue by becoming a director for a second company that may prevent my contracting position. In which case, the move may not be worth it.

Thanks in advance for your feedback

[SueEllen]

Depends on what the other company does and what you do in that company plus if you are stupid enough to do business for that company during your client's time and get caught.

[Hobosapien]

I currently have two Ltds so director of both, one VAT registered and one not, but only use one for contracting and the clients or agencies have no idea the other company exists as it has no bearing on them.

They could find out if they really wanted to via Companies House but even if they did there's no conflict of interest for them to worry about so it's a non-issue.

[v8gaz]

I'm currently a director of 4 companies. Last 'onboarding' I simply declared them as part of the bank's conflict of interest process and they were signed off as no problem. I guess it depends on what you are doing and how much time the client thinks it might take up when they are paying you for a full working week.

[dotcom12]

I'm currently a director of 4 companies. Last 'onboarding' I simply declared them as part of the bank's conflict of interest process and they were signed off as no problem. I guess it depends on what you are doing and how much time the client thinks it might take up when they are paying you for a full working week.

ditto

[WordIsBond]

A CIC? It's hard to imagine how there could be any issue with that at all, unless the CIC is somehow anti-bank. Or a local credit union, if they can be CICs (not sure they can), then maybe perhaps it could be seen as a conflict of interest. I would notify your client first, but it's hard to see how there could be any problem.

Lots of people are directors of multiple companies.

[TheFaQQer]

I'm currently a director of 4 companies. Last 'onboarding' I simply declared them as part of the bank's conflict of interest process and they were signed off as no problem. I guess it depends on what you are doing and how much time the client thinks it might take up when they are paying you for a full working week.

This. Manage any potential conflict of interest properly and it's no problem.

The companies where I am a director know about the other one, and my clients know that I am a director of multiple companies.

[oliverson]

I'm currently a director of 4 companies. Last 'onboarding' I simply declared them as part of the bank's conflict of interest process and they were signed off as no problem. I guess it depends on what you are doing and how much time the client thinks it might take up when they are paying you for a full working week.

Currently 2, previously 3, set to rise to 3 again soon.